Harris Blitzer Sports & Entertainment (HBSE) announced on Monday a joint venture with Comcast Spectacor to construct a new arena in South Philadelphia that will serve as the home for the NBA’s 76ers and the NHL’s Flyers.
This decision marks a significant shift from earlier plans to build an arena in Philadelphia’s Center City district.
Under the binding agreement, Harris Blitzer and Comcast Spectacor will hold equal 50-50 stakes in the project, which will be located at South Philadelphia’s Sports Complex.
The arena is scheduled to open in 2031 and will also include efforts to revitalize Market East in Center City, the original proposed site for the arena.
Back in December, the 76ers had received approval to construct a $1.3 billion arena downtown following more than two years of heated negotiations.
As part of the new agreement, Comcast will acquire a minority stake in the 76ers and secure naming rights for the forthcoming arena.
Additionally, Comcast Spectacor will collaborate with HBSE on a bid to bring a WNBA team to the city of Philadelphia, also known as Liberty City.
Currently, Comcast Spectacor already serves as the majority owner of the Philadelphia Flyers.
“From the start, we envisioned a project that would be transformative for our city and deliver the type of experience our fans deserve,” stated Josh Harris, David Blitzer, and David Adelman of HBSE.
“By coming together with [Comcast CEO Brian Roberts] and Comcast, this partnership ensures Philadelphia will have two developments instead of one, creating more jobs and real, sustainable economic opportunity.”
Through these dual investments, HBSE and Comcast Spectacor anticipate creating thousands of jobs and generating billions of dollars in economic activity across the region.
“This has the potential to benefit our city for generations to come,” said Philadelphia Mayor Cherelle Parker during a news conference on Monday.