The Sixers announced on Thursday morning that they’ve created a new development company, named 76 Devcorp, to spearhead a $1.3 billion project to build a privately funded downtown arena, as Tim Bontemps of ESPN details. The 76ers’ lease at Wells Fargo Center in South Philadelphia expires in 2031 and the team is aiming to move into a new arena for the 2031/32 season.
“We know the best thing, we believe, for the city, for our fans and for our organization, is to be downtown in a state-of-the-art facility that’s going to be privately funded by our ownership team,” team president Tad Brown told ESPN. “And that’s going to create a brand-new environment, a whole new environment, that’s going to also really give a great economic boost in a development boost to a part of town that really needs it.”
According to Brown and Philadelphia business leader David Adelman, who will head up 76 Devcorp, there are currently no plans to accelerate the project to move into the new arena prior to 2031.
As Bontemps writes, it’s unclear whether the NHL’s Philadelphia Flyers – who currently share the Wells Fargo Center – would accompany the Sixers in their downtown move. Brown said the 76ers would like to have the Flyers join them, but intend to move forward with the project regardless of the NHL team’s plan.
Here’s more on the Sixers
- Sixers youngsters Isaiah Joe and Paul Reed outperformed Charles Bassey at the Las Vegas Summer League, according to Kyle Neubeck of PhillyVoice.com. As we outlined on Wednesday, there won’t be room for all of Joe, Reed, and Bassey – none of whom have fully guaranteed 2022/23 salaries – on the opening night roster if Philadelphia hangs onto Trevelin Queen and the 12 players who have guaranteed deals.
- In a mailbag for The Philadelphia Inquirer, Keith Pompey discussed Tobias Harris‘ value, the Sixers’ starting lineup, and whether the team should trade Matisse Thybulle, among other topics. Pompey added that he thinks Philadelphia will make one more big roster move either later in the offseason or before February’s trade deadline.
- In case you missed it, Adrian Wojnarowski reported on Wednesday that James Harden and the Sixers are in formal agreement on a new two-year, $68.6MM deal that includes a second-year player option.