A tentative agreement has been reached to keep the Sixers in Philadelphia, Mayor Cherelle L. Parker announced on Twitter. The deal, which must be approved by city council, involves a new arena in Center City.
“This is a historic agreement,” Parker said. “It is the best financial deal ever entered into by a Philadelphia mayor for a local sports arena. I wholeheartedly believe it is the right deal for the people of Philadelphia.”
The new arena would be located on Market Street East, which Jeff Gammage, Sean Collins Walsh and Ximena Conde of The Philadelphia Inquirer describe as a “beleaguered” section of the city. Parker promises that the new facility will generate tax revenue for the city and local schools, create hundreds of new jobs and launch “the start of an unprecedented revival of Market Street.”
According to the Inquirer, Parker’s statement followed a meeting with leaders from Chinatown, who have opposed development in the area. Dozens of Chinatown residents gathered outside City Hall on Wednesday to protest the proposed arena, vowing that they will continue to fight it.
The agreement with the Sixers comes after an offer from New Jersey to provide $400M in tax credits and build a multi-purpose arena once the lease at Wells Fargo Arena expires in 2031. The team currently rents the arena from Comcast Spectacor and has plans to build a $1.3B facility when a location is officially secured.
The Sixers released a statement expressing optimism about the new agreement, relays Kyle Neubeck of PHLY Sports.
“We are grateful to Mayor Parker and her team for their time and diligence in evaluating our proposal,” the statement reads, “and look forward to advancing to the next steps with City Council.”