Comcast Corp. plans to take a minority ownership stake in the 76ers as part of a deal with team owner Harris Blitzer Sports & Entertainment to build a new arena for the 76ers and Flyers in South Philadelphia.
The Philly Bsiness Journal reports Comcast and Harris Blitzer, in a statement announcing the partnership Monday morning, said they will also collaborate on a 50-50 joint venture to invest in the revitalization of Market East after the Sixers abruptly axed plans to build a new arena in Center City.
Comcast will have naming rights for the new South Philadelphia arena, which is slated to open in 2031 with the potential to accelerate to an earlier date. The two companies said they will also join on a bid to bring a WNBA team to the city.
The announcement comes a day after news emerged that the Sixers had made a shocking pivot to abandon plans for their controversial Center City arena and instead build a new arena at the South Philadelphia Sports Complex in partnership with Comcast Spectacor, the Comcast subsidiary that owns the Flyers and the Wells Fargo Center.
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