In this article, Harris Blitzer Sports & Entertainment announced a partnership with Comcast Spectacor to construct a new arena in South Philadelphia for the NBA’s 76ers and the NHL’s Flyers. This collaboration marks a shift from previous plans to build the arena in Philadelphia’s Center City district.
Harris Blitzer and Comcast Spectacor have agreed to a 50-50 ownership of the project at South Philadelphia’s Sports Complex, scheduled to open in 2031. The development will also involve the revitalization of Market East in Center City, the original proposed site for the arena. In December, the Philadelphia 76ers obtained approval to construct a $1.3 billion arena downtown following lengthy negotiations.
Under the newly announced deal, Comcast will acquire a minority share in the 76ers and gain naming rights to the arena. Additionally, the Philadelphia-based company will collaborate with HBSE to bring a WNBA team to Liberty City. Comcast Spectacor is presently the majority owner of the Philadelphia Flyers.
HBSE’s Josh Harris, David Blitzer, and David Adelman expressed their vision for a project that would enhance the city and provide an exceptional fan experience. They highlighted the partnership with Comcast as a means to create more opportunities and jobs for Philadelphia.
By committing to these investments, the companies aim to generate significant economic activity and thousands of jobs in the region, benefiting the city for years to come, as stated by Philadelphia Mayor Cherelle Parker during a news conference on Monday.
Disclosure: Comcast is the parent company of CNBC.
