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The Philadelphia 76ers are planning to build a new home with the idea of moving in at the start of the next decade.
The team is creating a new development company that will lead the $1.3 billion project and construct the privately-funded arena in the city’s downtown. The Sixers plan to move into the new location for the 2031-2032 season, after the lease expires on their current home — Wells Fargo Center.
“We know the best thing, we believe, for the city, for our fans and for our organization, is to be downtown in a state-of-the-art facility that’s going to be privately funded by our ownership team,” Sixers president Tad Brown said, per ESPN. “And that’s going to create a brand-new environment, a whole new environment, that’s going to also really give a great economic boost in a development boost to a part of town that really needs it. … We think it’s a win-win for the city and for our organization. … It’s going to be a lot of fun. It’s a great day.”
Co-owners David Blitzer and Josh Harris bought the franchise from Comcast in 2011 and have had designs on building their own arena in the “City of Brotherly Love” for many years, including an attempt to build one at Penn’s Landing, on the East side of the city along the Delaware River. The plan ultimately fell through two years ago when the city chose to go with a different development plan.
Blitzer and Harris then teamed up with lifelong 76ers fan, season-ticket holder of over 20 years and real estate developer David Adelman, to form a partnership to deliver a new arena. Adelman will be the chairman of a new company, 76 DevCorp, that he, Harris and Blitzer are creating.
“Honestly, when Penn’s Landing happened, yeah, I think one of the shortcomings was they realized that there was no Philadelphia person running the process,” Adelman said. “”And no disrespect to New York or anywhere else, but like, you need local, right?”
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