PHILADELPHIA — The home of the Philadelphia Flyers and the 76ers (well, the Sixers for now) will soon need a new name.
Banking giant Wells Fargo says it will not renew its naming rights agreement for the arena at the South Philadelphia sports complex, home to the city’s NHL and NBA teams, most major entertainment tours, two political conventions, WrestleMania, lacrosse, college basketball and countless other events.
Wells Fargo said Wednesday it will not renew its deal with building owner and operator Comcast Spectacor, the Flyers’ parent company, when it expires in August 2025.
The arena, originally called CoreStates Center, opened in 1996 and has been home to Philly sports stars Allen Iverson, Eric Lindros and Joel Embiid, as well as NCAA Tournament games. The building has had a number of names, including First Union Center in 1998 and Wachovia Center in 2003. Wells Fargo bought out Wachovia and put its name on the roughly 21,000-seat building in 2010.
“Wells Fargo regularly reviews and adjusts our overall sponsorship strategy. As a result, we have made the business decision not to renew the naming rights contract for Wells Fargo Center,” the company said in a statement. The company said it values its relationship with Comcast Spectacor and looks forward to working together on events through the end of the contract.
Dan Hilferty, CEO of Comcast Spectacor, said the company “looks forward to working with a new partner….”
The 76ers declined to comment. The NBA franchise has said it does not plan to remain in the arena after its lease expires in 2031. The team has proposed a $1.3 billion arena near the city Chinatown neighborhood.
The 76ers decided during the 2014–15 season to no longer reference the Wells Fargo Center in all press releases and on the team’s website, as the financial institution opted not to become a business partner of the basketball franchise.
Wells Fargo reportedly paid a $1.4 million per year as part of the naming rights deal. Wells Fargo said it is one of the largest private employers in the area with nearly 4,000 employees in the state and remains committed to the area.
Comast Spectacor recently pumped $400 million into the arena as part of a massive renovation project. That included a $30 million investment and a complete redesign of 46,000 square feet of the arena, with more than 16,000 square feet dedicated to new locker rooms for both the 76ers and Flyers.
___
AP sport: https://apnews.com/sports