Sixers Reach Deal to Remain in South Philly, Announce Plans For New Arena

January 13, 2025

After all the noise and back-and-forth, the Philadelphia 76ers have officially decided to abandon their ambitious $1.3 billion project for a new arena in Center City, as relayed by PHLY Sports’ Kyle Neubeck.

In a surprise turn, the team has inked a deal with Comcast Spectacor, which owns the NHL’s Flyers and the Wells Fargo Center, to remain in South Philadelphia.

This comes after a years-long pursuit to move the team to a brand-new, state-of-the-art venue in the East Market Street district, a project that had the full backing of Mayor Cherelle Parker.

Jake Blumgart and Sean Collins Walsh of The Inquirer broke the news that Comcast Spectacor’s pitch included a $2.5 billion redevelopment proposal for the South Philly stadium district.

The two sides have now found common ground, and it looks like we’ll be seeing a new home for the Sixers in familiar territory, albeit with a fresh vision for what the area could become.

Ryan Boyer, head of the Philadelphia Building and Construction Trades Council, confirmed that while the Market Street arena is off the table, the redevelopment in the surrounding area will continue to move forward, which could provide a much-needed boost to the city’s economy.

Boyer also noted that NBA commissioner Adam Silver had been involved in these discussions, hinting at the league’s interest in ensuring that the 76ers’ long-term future stays in Philly.

For the City Council, it’s a tough pill to swallow. Just last month, in a 12-5 vote, they approved the Market Street arena plan, only for the Sixers to pull the rug out from under them with this latest move.

Council member Jimmy Harrity, one of the first to endorse the move, expressed his frustration, saying he feels “used as a pawn” in the process.

While the timeline for the South Philly arena could be adjusted, there’s still a lot to unpack here. The 2031 deadline, when the Sixers’ lease at Wells Fargo Center expires, no longer seems set in stone, with whispers that an even sooner transition could be in play.