On Monday, Harris Blitzer Sports & Entertainment revealed a partnership with ComcastSpectacor to construct a new arena in South Philadelphia for the NHL’s Flyers and NBA’s 76ers.
The agreement reverses earlier plans to construct an arena in Philadelphia’s Center City neighborhood.
Comcast Spectacor and Harris Blitzer have signed a legally binding contract for a 50/50 share in the South Philadelphia Sports Complex project, which is expected to open in 2031. The original arena proposal site in Center City, Market East, will be revitalized as part of it. After more than two years of tense discussions, the Philadelphia 76ers were finally granted permission to construct a $1.3 billion facility downtown in December.
Comcast will acquire naming rights to the facility and a minority ownership in the 76ers as part of the agreement announced Monday. Additionally, the Philadelphia-based business will support HBSE’s efforts to attract a WNBA club to Liberty City.
The Philadelphia Flyers are already mostly owned by Comcast Spectacor.
In a statement, HBSE’s Josh Harris, David Blitzer, and David Adelman said, “We had always envisioned a project that would be transformative for our city and deliver the type of experience our fans deserve.” This collaboration between [Comcast CEO Brian Roberts] and Comcast guarantees that Philadelphia will have two developments rather than one, resulting in more jobs and genuine, long-term economic opportunities.
The businesses claim that by making these investments, they will boost the local economy by billions of dollars and create thousands of jobs.
At a press conference on Monday, Philadelphia Mayor Cherelle Parker stated that this might help our community for many years to come.
Disclosure: CNBC’s parent company is Comcast.
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