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Harris Blitzer Sports & Entertainment (HBSE) and Comcast Announcement
Harris Blitzer Sports & Entertainment (HBSE) and Comcast today announced that HBSE and Comcast Spectacor have entered into a binding agreement to form a 50-50 joint venture to build a world-class, state-of-the-art arena in the South Philadelphia Sports Complex that will be the new home of the Philadelphia 76ers and Philadelphia Flyers.
Features of the New Arena
Slated to open in 2031, with the potential to accelerate to an earlier date, the new facility will be one of the finest, most technologically advanced, and sustainable sports and entertainment arenas in the country. Additionally, the partnership will include a venture to invest in the revitalization of Market East in Center City.
Economic Impact and Community Involvement
By committing to both investments, the partnership aims to create thousands of jobs, generate billions of dollars in economic activity for the city, region, and state, as well as enhance commitments to create economic opportunity in neighborhoods across Philadelphia. Comcast is also planning to take a minority stake in the 76ers and bids to bring a WNBA team to the city.
Quotes from Key Figures
“This is a great day for Philadelphia and the fans of our storied sports franchises,” said Brian L. Roberts, Chairman and CEO, Comcast Corporation. “We are grateful to Mayor Parker and Governor Shapiro for their leadership and are thrilled to work together to develop the premier sports and entertainment destination in the nation that will benefit the region for decades to come.”
“From the start, we envisioned a project that would be transformative for our city and deliver the type of experience our fans deserve. By coming together with Brian and Comcast, this partnership ensures Philadelphia will have two developments instead of one, creating more jobs and real, sustainable economic opportunity,” said HBSE’s Josh Harris, David Blitzer, and David Adelman.
Future Developments and Collaborations
The new arena partnership is a joint venture with equal board representation and an HBSE representative serving as the Chair. Comcast will have the naming rights to the venue. HBSE and Comcast will also focus on revitalizing Market East, collaborating with government officials and local stakeholders to develop options for the neighborhood.
About HBSE and Comcast Corporation
About HBSE: Founded in 2017 by Josh Harris and David Blitzer, Harris Blitzer Sports & Entertainment is an industry-leading sports and entertainment group with a focus on building strong teams and strengthening communities. About Comcast Corporation: Comcast is a global media and technology company with a wide range of businesses reaching millions of customers worldwide.
