Comcast and Harris Blitzer to construct a new stadium for NBA and NHL in South Philadelphia.
- A new arena in South Philadelphia is being built through a partnership between Harris Blitzer Sports & Entertainment and Comcast.
- The NBA's 76ers will grant Comcast a minority stake and naming rights to the future arena as part of the deal.
On Monday, Harris Blitzer Sports & Entertainment and Spectacor revealed a partnership to construct a new arena in South Philadelphia for both the NBA's 76ers and the NHL's Flyers.
Comcast will acquire a minority stake in the 76ers and naming rights to the arena, while also joining HBSE's bid to establish a WNBA team in Liberty City.
Comcast Spectacor is already majority owner of the Philadelphia Flyers.
"From the outset, our vision was to create a project that would revolutionize our city and provide our fans with an exceptional experience," stated HBSE's Josh Harris, David Blitzer, and David Adelman in a statement. "Through our partnership with [Comcast CEO Brian Roberts] and Comcast, we are now able to bring two developments to Philadelphia, resulting in more job opportunities and real, sustainable economic growth."
During a press conference Monday, Philadelphia Mayor Cherelle Parker stated that this has the potential to benefit our city for generations to come.
Disclosure: Comcast is the parent company of CNBC.
Business News
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