Harris Blitzer Sports and Entertainment (HBSE), the owners of basketball’s Philadelphia 76ers, and Comcast Spectacor, the owner of ice hockey’s Philadelphia Flyers, have come together in a joint venture to build a new arena for both franchises.
The arena, which will be complete in 2031, will be built on the site at the South Philadelphia Sports Complex, which is the current home of the city’s four major sports teams the 76ers, Flyers, American football’s Philadelphia Eagles, and baseball’s Philadelphia Phillies.
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The Flyers and the 76ers currently play at the Comcast Spectacor-owned Wells Fargo Center on the lot, which holds 19,000 at ice hockey games and 21,000 at basketball, and will be replaced by this new venue.
The new arena will be 50/50 owned by the two partners, with equal board representation for both firms, chaired by an HBSE representative.
Through this new joint venture, Comcast Spectacor will take a minority stake in the 76ers and the two will together bid to bring a WNBA women’s basketball franchise to the city.
Speaking on the joint venture announcement, National Hockey League commissioner Gary Bettman stated: “We're thrilled to see Comcast Spectacor and HBSE unite to deliver a new state-of-the-art arena in South Philadelphia.
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By GlobalData“For the past 58 years, in both the Spectrum and Wells Fargo Center, those arenas and Flyers’ fans have consistently produced an atmosphere that is among the best in sports. This visionary and forward-looking facility will take the fan experience to a whole new level where the great pride and passion of Philadelphia sports fans will continue to be on full display.”
The original plan was for the 76ers to build a new 18,500-capacity arena, 76 Place, in the Market East area of Philadelphia at the Fashion District site.
That plan faced heavy opposition from local residents, despite political backing, and ultimately fell through.
The 76ers’ lease on the Wells Fargo Arena expires in 2031, and ahead of the team exiting the venue, Wells Fargo said it will not renew its naming rights agreement for the venue beyond 2025, nor its sponsorship of the 76ers and Flyers.
Despite that, Comcast Spectacor is still committed to renovating the arena in a $400 million transformation campaign.
