11:10 AM EST, 01/13/2025 (MT Newswires) -- Comcast's ( CMCSA ) Comcast Spectacor and Harris Blitzer Sports & Entertainment said Monday they signed a deal to establish a 50/50 joint venture to build a sports and entertainment arena in the South Philadelphia Sports Complex.

The facility will serve as the new home of the Philadelphia 76ers and Philadelphia Flyers, with opening scheduled for 2031, or earlier, the companies said.

The partnership will include a 50-50 venture to invest in the "revitalization" of Market East in Center City where the 76ers had originally proposed locating the arena, the companies said.

Comcast ( CMCSA ) plans to take a minority stake in the 76ers, the companies said.

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