PHILADELPHIA--(BUSINESS WIRE)--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.”
About HBSE
Founded by Josh Harris and David Blitzer in 2017, Harris Blitzer Sports & Entertainment (HBSE) is an industry-leading sports and entertainment group, with a focus on building passionate, high performing teams that strengthen our communities. Anchored in sports, venues and ventures, HBSE’s diverse and global portfolio is centered around marquee assets, including the Philadelphia 76ers, New Jersey Devils and Prudential Center, Washington Commanders, Joe Gibbs Racing, Crystal Palace of the English Premier League, as well as a growing presence across MLB, MLS, youth sports, and more. As proud stewards of some of the world’s most prestigious franchises, brands and properties, HBSE is committed to using its platform to positively impact the local communities where its teams play and perform. For additional information on HBSE, please visit HBSE.com.
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit www.comcastcorporation.com for more information.
About Comcast Spectacor
Comcast Spectacor, a proven, innovative leader in sports and entertainment, is part of the Comcast Corporation, a global media and technology company that operates Comcast Cable, NBCUniversal, and Sky. Headquartered in Philadelphia, Comcast Spectacor owns and operates Wells Fargo Center, a world-class sports and entertainment venue, as well as a diverse portfolio of professional sports teams and entertainment entities. These include the National Hockey League’s Philadelphia Flyers and the National Lacrosse League’s Philadelphia Wings.
