Philadelphia Mayor Cherelle Parker held a press conference at City Hall on the morning of January 13th to announce a new collaboration between the Philadelphia 76ers and Comcast Spectacor to build a new stadium in South Philadelphia. The Philadelphia City Council had previously approved the 76ers’ plan to build a stadium in the city center on December 19th.
The parent company of the 76ers, HBSE (Harris Blitzer Sports & Entertainment), and Comcast Spectacor have signed a binding agreement to form a 50:50 joint venture to construct a world-class, state-of-the-art sports arena in South Philadelphia.
The new stadium project in South Philadelphia is set to open in 2031 and will replace the Wells Fargo Center as the new home for both the Flyers and the 76ers. Currently, the joint venture partners have not disclosed any details regarding how revenue and costs will be shared. They each have equal representation on the board of directors, with an HBSE representative serving as the chairman, while Comcast will have naming rights to the new venue. Comcast also plans to hold a minority ownership stake in the 76ers.
Philadelphia City Council President Johnson remarked to the owners of HBSE and Comcast Spectacor, “I just want to say, I hope you make a deal before we really start this process (discussing the 76ers building a stadium in the city center).” He noted that he does not regret holding eight hearings, thousands of communications, questioning the technical team, and receiving answers. It is all part of the council’s process.
Currently, the South Philadelphia Sports Complex is home to four major professional sports teams—the Wells Fargo Center hosts the Philadelphia 76ers and the Philadelphia Flyers, Lincoln Financial Field is the home of the Philadelphia Eagles, and Citizens Bank Park is where the Philadelphia Phillies play.
The joint venture project also includes revitalizing the Market East area of Philadelphia—the 76ers initially proposed locating the stadium in that community.
Mayor Parker stated that the city of Philadelphia will oversee the future planning process for Market East, starting from scratch.
Mayor Parker also mentioned that despite the abandonment of the downtown 76ers stadium project, the city will still invest $20 million of city resources in Chinatown to support its development.
Comcast Spectacor, headquartered in Philadelphia, owns the Wells Fargo Center, the Philadelphia Flyers of the NHL, and the Philadelphia Wings of the NLL. HBSE, founded in 2017 by Josh Harris and David Blitzer, owns the Philadelphia 76ers, the New Jersey Devils, and the Prudential Center, the Washington Commanders, the New Jersey Devils, the Crystal Palace Football Club in the English Premier League, among others.