The 76ers look to be poised to stay in Philadelphia. According to the city’s major, Cherelle Parker, she and the 76ers ownership have come to an agreement about a deal for a new arena.
The 76ers previously unveiled plans to build a new home in downtown Philly, intending to invest around $1.3 billion. However, the residents of Philadelphia’s Chinatown, which is close to the arena’s proposed location, have expressed their opposition and tried to block the project.
“I am proud to share that I have made my decision, and an agreement has been reached to ensure that our Sixers are staying home,” said Parker in a video shared on social media. “I wholeheartedly believe this is the right deal for the people of Philadelphia. To the people of Chinatown, please know that I hear you. We have the best Chinatown in the United States, and I am committed to working together to support it.”
Parker’s announcement came two weeks after the city of New Jersey offered the 76ers an opportunity to build their desired arena in Camden. In their proposal, the New Jersey Economic Development Authority told the 76ers that they would be eligible to receive two separate tax credits worth up to $400 million each alongside up to $500 million in bonds.
The 76ers are currently playing in Wells Fargo Center, which is owned by Comcast Spectacor and also serves as the home for the NHL’s Philadelphia Flyers.
