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Harris Blitzer Sports & Entertainment announced Monday a partnership with Comcast Spectacor will build a new stadium in South Philadelphia for the NBA 76ers and NHL Flyers.
The deal is a reversal of previous plans to build a stadium in Philadelphia’s Center City neighborhood.
Harris Blitzer and Comcast Spectacor have reached a binding agreement for a 50-50 stake in the South Philadelphia Sports Center project, which is expected to open in 2031. That would include revitalizing Market East in Center City (the original proposed site) for an arena. In December, the Philadelphia 76ers acquired Agree Construction of a $1.3 billion stadium in the city center comes after more than two years of contentious negotiations.
The deal announced Monday will give Comcast a minority stake in the 76ers as well as naming rights to the stadium. The Philadelphia-based company will also join HBSE in bringing a WNBA team to Liberty City.
Comcast Spectacor is already the majority owner of the Philadelphia Flyers.
“From the beginning, we envisioned a transformational project that would be transformative for our city,” HBSE’s Josh Harris, David Blitzer and David Adelman said in a statement. “By working with (Comcast CEO Brian Roberts) and Comcast, this partnership ensures Philadelphia will achieve not one but two. development, thereby creating more jobs and real, sustainable economic opportunities.
The companies say that through the two investments, they will create thousands of jobs and bring billions of dollars in economic activity to the region.
“This has the potential to benefit our city for generations to come,” Philadelphia Mayor Cherel Parker said at a news conference Monday.
Revealed: Comcast is the parent company of CNBC.
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