The home of the Philadelphia Flyers and the 76ers – or for now the Sixers – will soon need a brand new name.
Banking giant Wells Fargo won’t renew its naming rights deal for the world on the South Philadelphia sports complex, which has hosted the town’s NHL and NBA teams and a lot of the entertainment industry’s major touring live shows, in addition to two political conventions, WrestleMania, lacrosse and college basketball games and countless other events.
Wells Fargo announced Wednesday that it would not renew its contract with constructing owner and operator Comcast Spectacor, the Flyers’ parent company, which expires in August 2025.
The arena, originally called CoreStates Center, opened in 1996 and has been home to Philly sports stars akin to Allen Iverson, Eric Lindros and Joel Embiid, in addition to NCAA tournament games. The constructing has had a lot of names, including First Union Center in 1998 and Wachovia Center in 2003. Wells Fargo purchased Wachovia and put its name on the roughly 21,000-seat constructing in 2010.
“Wells Fargo regularly reviews and adjusts its overall sponsorship strategy, and as a result, we have made the business decision not to renew the Wells Fargo Center naming rights agreement,” the corporate said in a press release. The company said it values its relationship with Comcast Spectacor and appears forward to collaborating on events through the tip of the agreement.
Dan Hilferty, CEO of Comcast Spectacor, said the corporate was “looking forward to working with a new partner…”
The 76ers declined to comment. The NBA franchise has stated that it doesn’t intend to remain in the world beyond the tip of its lease in 2031. The team has a $1.3 billion arena near the Chinatown district.
The 76ers decided through the 2014–15 season to not mention the Wells Fargo Center by name in all press releases and on the team’s website since the financial institution decided to not grow to be a business partner of the basketball franchise.
Wells Fargo paid a reported 1.4 million US dollars annually as a part of the naming rights deal. Wells Fargo said it’s one among the most important private employers within the region, with nearly 4,000 employees across the state, and stays committed to the region.
Comast Spectacor recently pumped $400 million into the world as a part of a serious renovation project that included $30 million in capital expenditures and the whole remodeling of 45,000 square feet of the world’s interior, with over 17,000 square feet dedicated to recent locker rooms for each the 76ers and Flyers.
