The Philadelphia 76ers have reached an agreement to build a new arena in South Philadelphia, partnering with Comcast Spectacor, and will stay away from the proposed Center City site.
A deal was made to develop the sports complex by 2031. The facility will be home to both the Sixers and Flyers. As part of the agreement, Comcast acquired a minority stake in the team.
The decision comes after Philly City Council approved a plan for an arena near Chinatown last December. However, arena opponents expressed cautious optimism over the new deal.
Josh Harris, co-founder of Harris Blitzer Sports & Entertainment, stated that “we didn’t really change our mind” but were committed to doing the right thing by the city.
The agreement also includes revitalizing East Market Street, where the team planned to develop a $1.3 billion arena before striking a deal with Comcast.
Comcast CEO Brian Roberts mentioned NBC becoming a media partner of the NBA as “fortuitous” for the new arena deal.
Negotiations are underway between the city and the team regarding community benefits agreements and PILOTs arrangements, which may require legislative approvals from City Council.
Source: https://whyy.org/articles/philadelphia-sixers-arena-comcast-parker-south-philly