PHILADELPHIA – (CelebrityAccess) – Harris Blitzer Sports & Entertainment (HBSE) and Comcast today announced that HBSE and Comcast Spectacor have entered into a binding agreement to form a 50-50 joint venture to build a world-class, state-of-the-art arena in the South Philadelphia Sports Complex that will be the new home of the Philadelphia 76ers and Philadelphia Flyers.
The new facility, slated to open in 2031 but could be accelerated earlier, will be one of the country’s finest, most technologically advanced, and most sustainable sports and entertainment arenas. In addition, the partnership will include a 50-50 venture to invest in the revitalization of Market East in Center City.
By committing to both investments, the partnership will create thousands of jobs, generate billions of dollars in economic activity for the city, region and state, and enhance commitments to create economic opportunity in neighborhoods across Philadelphia. In addition, Comcast is planning to take a minority stake in the 76ers and will join with HBSE to bid to bring a WNBA team to the city.
“This is a great day for Philadelphia and the fans of our storied sports franchises,” said Brian L. Roberts, Chairman and CEO of Comcast Corporation. “We are grateful to Mayor Parker and Governor Shapiro for their leadership and are thrilled to work together to develop the premier sports and entertainment destination in the nation that will benefit the region for decades to come.”
“From the start, we envisioned a project that would be transformative for our city and deliver the type of experience our fans deserve. By coming together with Brian and Comcast, this partnership ensures Philadelphia will have two developments instead of one, creating more jobs and real, sustainable economic opportunity,” said HBSE’s Josh Harris, David Blitzer, and David Adelman. “We are grateful to Mayor Parker, Council President Johnson, Council Member Squilla, Governor Shapiro, our partners in labor and the many community and business leaders who supported us throughout this process. This is a massive win for our fans and for the city.”
“Today’s announcement is great news for the City of Philadelphia,” said NBA Commissioner Adam Silver. “I greatly appreciate the leadership of Mayor Parker and Governor Shapiro and the willingness of HBSE and Comcast to join forces, the result of which will be a world-class arena for 76ers and Flyers fans, with opportunities for more teams to come.”
“We’re thrilled to see Comcast Spectacor and HBSE unite to deliver a new state-of-the-art arena in South Philadelphia. For the past 58 years, in both the Spectrum and Wells Fargo Center, those arenas and Flyers’ fans have consistently produced an atmosphere that is among the best in sports. This visionary and forward-looking facility will take the fan experience to a whole new level where Philadelphia sports fans’ great pride and passion will continue to be on full display,” said Gary Bettman, NHL Commissioner.
The new arena partnership is a joint venture with equal board representation and an HBSE representative serving as Chair. Comcast will have the venue’s naming rights. HBSE and Comcast will also immediately focus on Market East, bringing together government officials and local stakeholders to develop various options to revitalize a vital neighborhood in Center City, where the 76ers had initially proposed locating the arena.
“We firmly believe we are better working together for Philadelphia,” said Dan Hilferty, Chairman and CEO of Comcast Spectacor. “This new arena will complement other exciting developments, 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.”
