The new arena will open by 2031, or possibly earlier, the companies said. It also will be the new home of the Flyers.
Comcast will have naming rights to the new arena and take a minority ownership stake in the Sixers as part of the agreement. Comcast Spectacor previously owned the Sixers from 1996 to 2011, when the current ownership group purchased the team.
The companies also plan to bid for a WNBA team, according to the release.
“We firmly believe we are better working together for Philadelphia,” Dan Hilferty, chairman and CEO of Comcast Spectacor, said in a statement. “This 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 will all work closely together to create an unmatched experience for the fans while developing a vibrant mixed-use district that serves our community.”
The deal calls for a joint investment in the revitalization of Market East, the business corridor where the Sixers ownership group had planned to build its long-gestating and controversial 76 Place project. The arena would have replaced a portion of the Fashion District mall on East Market Street.
Harris Blitzer and Comcast Spectacor said they plan to work with “government officials and local stakeholders to develop a variety of options” to improve Market East, which will lose Macy’s in the coming months.