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 South Philadelphia. Sports complex that will be the new home of the Philadelphia 76ers and Philadelphia Flyers.
Scheduled to open in 2031, with the option to accelerate to an earlier date, the new facility will be one of the most beautiful, technologically advanced and sustainable sports and entertainment arenas in the country. Additionally, the partnership will include an equal stake to invest in the revitalization of Market East in the city center.
By committing to these two investments, the partnership will create thousands of jobs, generate billions of dollars in economic activity for the city, region and state, and strengthen commitments to create economic opportunities in neighborhoods of Philadelphia. Additionally, Comcast plans to take a minority stake in the 76ers and will join HBSE in trying to bring a WNBA team to the city.
“This is a great day for Philadelphia and the fans of our famous sports franchises,” said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. “We are grateful to Mayor Parker and Governor Shapiro for their leadership and are excited to work together to develop the nation’s premier sports and entertainment destination that will benefit the region for decades to come.” »
“From the beginning, we envisioned a project that would transform our city and deliver the type of experience our fans deserve. By partnering with Brian and Comcast, this partnership ensures that Philadelphia will have two developments instead of one, creating more jobs and real, lasting economic opportunities,” said Josh Harris, David Blitzer and David Adelman of HBSE. “We are grateful to Mayor Parker, Council Speaker Johnson, Councilmember Squilla, Governor Shapiro, our labor partners and the many community and business leaders who have supported us throughout this process. This is a huge 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, resulting in a world-class arena for 76ers and Flyers fans, with opportunities for other teams to come.”
“We are thrilled to see Comcast Spectacor and HBSE come together to create a new state-of-the-art arena in South Philadelphia. Over the past 58 years at the Spectrum and Wells Fargo Center, these arenas and Flyers fans have consistently created an atmosphere that is among the best in sports. This visionary, forward-thinking facility will take the fan experience to a whole new level where the great pride and passion of Philadelphia sports fans will continue to be on full display,” said NHL Commissioner Gary Bettman.
The new Arena partnership is a joint venture with equal representation on the board of directors and an HBSE representative as president. Comcast will have naming rights to the location. 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 downtown area where the 76ers originally proposed locating the arena.
“We strongly believe that we are better off working together for Philadelphia,” said Dan Hilferty, president and CEO of Comcast Spectacor. “This new arena will complement other exciting developments in the area, including plans by Comcast Spectacor and the Philadelphia Phillies to create the best sports and entertainment district in the country. We will all work closely together to create an unparalleled fan experience while developing a vibrant mixed-use neighborhood that serves our community.