Sixers owners and Comcast Spectacor announce plan for new arena in South Philadelphia

PHILADELPHIA (WPVI) -- The ownership group of the Philadelphia 76ers and Comcast Spectacor have officially announced their plan for a new arena in South Philly, one day after news broke that the Sixers abandoned a plan for a venue in Center City.

The news came in a joint statement Monday morning from Comcast and Harris Blitzer Sports & Entertainment, which owns the Sixers.

Comcast will have the naming rights to the arena, which is slated to open in 2031 with the potential to open even earlier.

The new arena will also be the home of the Philadelphia Flyers, and will host touring acts and special events.

Comcast owns the Flyers as well as the Wells Fargo Center, where both teams currently play.

The partnership will include a 50/50 venture to invest in the revitalization of the city's Market East section, where the Sixers proposed 76 Place arena would have been built.

"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," the joint statement reads.

Comcast is planning to take a minority stake in the 76ers, and will join HBSE to bid to bring a WNBA team to Philadelphia.

City council voted last month to approve the arena after more than two years of heated debate over the proposal.

The council vote came despite vocal opposition from nearby Chinatown residents and other activists.

The No Arena coalition that had formed to try to block the proposal said in a statement Sunday that City Council's embrace of the 76ers' proposal demonstrated that the city needs politicians who respond to "people's needs instead of corporate greed."

RELATED: Residents and businesses in Chinatown react after Sixers reportly abandon Center City arena plan

Supporters had hoped the 18,500-seat arena would help revive a distressed retail corridor called Market East, which runs from City Hall to the Liberty Bell. The area has struggled for years despite several redevelopment efforts.

The Sixers currently play in the Wells Fargo Center, which is owned by Comcast Spectacor, and the team has expressed its desire to have a new arena ready for when its current lease expires in 2031.

Full statement from HBSE and Comcast Spectacor:

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.

Slated to open in 2031, with the potential to accelerate to an earlier date, the new facility will be one of the finest, most technologically advanced, and sustainable sports and entertainment arenas in the country. 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, 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 the great pride and passion of Philadelphia sports fans 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 the Chair. Comcast will have the naming rights to the venue. HBSE and Comcast will also immediately focus on Market East, bringing together government officials and local stakeholders to develop a variety of options to revitalize a vital neighborhood in Center City where the 76ers had originally 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 in the area, 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."