The ownership group of the Philadelphia 76ers and Comcast Spectacor have officially announced their plan for a new arena in South Philly.
Monday, January 13, 2025 4:23PMThe ownership group of the Philadelphia 76ers and Comcast Spectacor have officially announced their plan for a new arena in South Philly,The news came in a joint announcement Monday morning from Harris Blitzer Sports & Entertainment, which owns the Sixers, and Comcast.
Comcast is planning to take a minority stake in the 76ers, and will join HBSE to bid to bring a WNBA team to Philadelphia. Supporters had hoped the 18,500-seat arena would help revive a distressed retail corridor called Market East, which runs from City Hall to the Liberty Bell. The area has struggled for years despite several redevelopment efforts.
By committing to both investments, the partnership will create thousands of jobs, generate billions of dollars in economic activity for the city, region and state, and enhance commitments to create economic opportunity in neighborhoods across Philadelphia. In addition, Comcast is planning to take a minority stake in the 76ers and will join with HBSE to bid to bring a WNBA team to the city.
"Today's announcement is great news for the City of Philadelphia," said NBA Commissioner Adam Silver. "I greatly appreciate the leadership of Mayor Parker and Governor Shapiro and the willingness of HBSE and Comcast to join forces, the result of which will be a world-class arena for 76ers and Flyers fans, with opportunities for more teams to come."
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