PHILADELPHIA (CelebrityAccess MediaWire) — The Wachovia Center in Philadelphia will henceforth be operating under a new name: The Wells Fargo Center. Owned and operated by Comcast-Spectacor, the 21,000-seat arena serves as the home of the Philadelphia Flyers and 76ers as well as a major concert venue in the market.
The new moniker for the venue however, is not the result of a new naming rights deal, but instead due to the vicissitudes and inclemencies of the banking world. Wachovia, in order to avoid outright failure, was acquired by Wells Fargo in the final dark days of 2008.
"As the owner and operator of the arena, Comcast-Spectacor is honoring the contract as it was agreed upon with the bank that the successor shall keep the naming rights of the facility," Comcast-Spectacor President Peter Luukko said Tuesday.
Workers have already commenced with the process of removing the Wachovia Center sign from the arena. The transition from Wachovia Center to Wells Fargo Center, which includes replacing all signage, is expected to be completed by Tuesday, September 14, when Lady Gaga performs the first of two sold out shows at venue. – CelebrityAccess Staff Writers