A day after news broke that the Sixers were backing out of their downtown arena in Market East, their owners, Harris Blitzer Sports and Entertainment (HBSE), made a joint announcement with Comcast-Spectacor, owner of the Flyers, that the two would join together to build a new arena in the South Philadelphia complex by 2031 at the latest.
The press release announcing the 50-50 venture, said the new arena will be the home for both the Sixers and the Flyers and that it would be "one of the finest, most technologically advanced and sustainable sports and entertainment arenas in the country."
The arena is scheduled to open by 2031, although it was indicated that that timeline may be accelerated.
The binding agreement also gives Comcast a minority interest in the 76ers. Spectacor originally sold the Sixers to Harris-Blitzer Sports and Entertainment in 2011.
On the heels of $400+ mil renovation of Wells Fargo Center completed last summer, #Flyers are set to announce plans today for a new arena in South Philadelphia in joint partnership with @sixers.
Dramatic reversal of 76ers move to Center City.
Big win for #Flyers' future.
This new partnership also includes an equal commitment to the revitalization of Market East where the original 76ers arena was supposed to go.
Both entities met with government officials with both the city and the state and indicated that the plan was supported by both.
"We firmly believe we are better working together for Philadelphia," Comcast-Spectacor CEO Dan Hilferty said in a statement. "The new arena will complement other exciting developments in the area, including Comcast-Spectacor's and the Philadelphia Phillies' plans to create the country's top sports and entertainment district.
"We all will work closely together to create an unmatched experience for the fans while developing a vibrant, mixed-use district that serves our community."
The new partnership also announced a plan to make a pitch for a WNBA franchise.
👀 So the new #Sixers arena will NOT be built in Center City now! Instead the plan is to build a new area in South Philly(Sports Complex)? Double win(can’t count on the actual Sixers team for a win) for Philadelphia Sports Phans yesterday! 😎🔥🔥🔥 pic.twitter.com/P1s4F655gp
The new arena partnership will have equal board representation with a member of HSBE serving as the chairperson. Comcast will still hold the naming rights to the venue.
The Market East plan call for working with local stakeholders and city government to develop a variety of options to revitalize the struggling neighborhood east of City Hall down to to Independence Plaza.
"From the start, we worked to deliver a project that would be transformative for our city and deliver the type of experience our fans deserve," HBSE's Josh Harris, David Blitzer and David Adelman said together in a statement. "By coming together with Brian (Roberts) and Comcast, the partnership ensures Philadelphia will have two developments instead of one, creating more jobs and more sustainable economic opportunity."