A tentative agreement has been reached to keep the Sixers in Philadelphia.
New Arena in Center City:
Mayor Cherelle L. Parker shared on Twitter that a deal has been made for a new arena in Center City, pending city council approval. She called it โa historic agreementโ and the best financial deal for a local sports arena ever made by a Philadelphia mayor. Parker believes this is the right move for the city’s residents.
The planned location for this new arena is Market Street East, described by The Philadelphia Inquirer as a struggling part of town. Parker promises that this project will boost tax revenue, create jobs, and spark a revival of Market Street.
Community Opposition:
Parker’s announcement came after meeting with Chinatown leaders who oppose the development. On Wednesday, many Chinatown residents protested outside City Hall against the proposed arena and vowed to keep fighting it.
New Jersey’s Offer:
Before this agreement, New Jersey had offered $400 million in tax credits to build an arena once the Sixers’ lease at Wells Fargo Arena ends in 2031. The team currently rents Wells Fargo Arena from Comcast Spectacor but plans to build their own $1.3 billion facility once they finalize a location.
Fans are excited about these developments!
The Sixers released a statement thanking Mayor Parker and her team for their efforts and expressing optimism about moving forward with city council approval.
https://x.com/KyleNeubeck/status/1836477034421170402
โWe are grateful to Mayor Parker and her team for their time and diligence in evaluating our proposal,โ read their statement, โand look forward to advancing to the next steps with City Council.โ
