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Philadelphia Mayor Announces Agreement With Sixers For New Arena; DETAILS INSIDE
The Philadelphia 76ers are looking for a new arena and the city mayor has given the franchise the go-ahead.
Philadelphia Mayor Cherelle L. Parker revealed on Twitter that a provisional agreement had been reached to keep the Sixers in the city. The agreement, which calls for a new arena in Center City, must be approved by the city council.
“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.”
Market Street East, which The Philadelphia Inquirer's Jeff Gammage, Sean Collins Walsh, and Ximena Conde characterize as a "beleaguered" area of the city, would be the site of the new arena. Parker pledges that the new building will bring in hundreds of new jobs, start "the start of an unprecedented revival of Market Street," and produce tax revenue for the city and nearby schools.
Parker's remarks reportedly came after a meeting with Chinatown leaders who have been against local development, according to the Inquirer. On Wednesday, several Chinatown locals demonstrated against the proposed arena in front of City Hall, pledging to keep up the resistance.
The Sixers' agreement was prompted by an offer from New Jersey to construct a multipurpose arena and offer $400 million in tax credits after the Wells Fargo Arena lease expires in 2031. Presently leasing the arena from Comcast Spectacor, the team intends to construct a $1.3 billion complex once a site is formally acquired.
According to Kyle Neubeck of PHLY Sports, the Sixers expressed optimism about the new contract. “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.”
The Philadelphia 76ers will start this season as one of the contenders for the NBA title. The big 3 of Joel Embiid, Tyrese Maxey, and Paul George will be one of the best in the league and if their supporting players perform, they can beat any team in the league.
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