Harris Blitzer Sports & Entertainment and Comcast Spectacor Announce Joint Venture to Build World-Class Arena in South Philadelphia as Well as Revitalize Market East
Comcast and Harris Blitzer Sports & Entertainment (HBSE) have announced a 50-50 joint venture to construct a new state-of-the-art arena in South Philadelphia Sports Complex. The facility, scheduled to open in 2031 with potential for earlier completion, will serve as the new home for the Philadelphia 76ers and Philadelphia Flyers.
The partnership also includes a 50-50 venture to revitalize Market East in Center City. The combined projects are expected to generate billions in economic activity and create thousands of jobs across Philadelphia. Additionally, Comcast plans to acquire a minority stake in the 76ers and partner with HBSE to bid for a WNBA team.
The new arena aims to be one of the most technologically advanced and sustainable sports and entertainment venues in the country, hosting both sports teams and major entertainment events.
Comcast e Harris Blitzer Sports & Entertainment (HBSE) hanno annunciato una joint venture 50-50 per costruire una nuova arena all'avanguardia nel complesso sportivo di South Philadelphia. La struttura, prevista per l'apertura nel 2031 con la possibilità di un completamento anticipato, servirà come nuova casa per i Philadelphia 76ers e i Philadelphia Flyers.
Il partenariato include anche una joint venture 50-50 per rivitalizzare Market East nel centro città. I progetti combinati dovrebbero generare miliardi in attività economica e creare migliaia di posti di lavoro a Philadelphia. Inoltre, Comcast prevede di acquisire una partecipazione di minoranza nei 76ers e di collaborare con HBSE per fare offerte per una squadra WNBA.
La nuova arena mira a essere uno dei luoghi sportivi e di intrattenimento più tecnologicamente avanzati e sostenibili del paese, ospitando sia squadre sportive che eventi di intrattenimento di alto profilo.
Comcast y Harris Blitzer Sports & Entertainment (HBSE) han anunciado una empresa conjunta al 50-50 para construir una nueva arena de última generación en el complejo deportivo de South Philadelphia. Se espera que la instalación abra en 2031, con la posibilidad de completarse antes, y servirá como el nuevo hogar de los Philadelphia 76ers y los Philadelphia Flyers.
La asociación también incluye una empresa conjunta al 50-50 para revitalizar Market East en el centro de la ciudad. Se espera que los proyectos combinados generen miles de millones en actividad económica y creen miles de empleos en Filadelfia. Además, Comcast planea adquirir una participación minoritaria en los 76ers y asociarse con HBSE para ofertar por un equipo de la WNBA.
La nueva arena tiene como objetivo ser uno de los lugares de deportes y entretenimiento más avanzados tecnológicamente y sostenibles del país, albergando tanto equipos deportivos como grandes eventos de entretenimiento.
컴캐스트와 해리스 블리처 스포츠 & 엔터테인먼트 (HBSE)가 필라델피아 남부 스포츠 단지에 최첨단 아레나를 건설하기 위한 50-50 합작투자를 발표했습니다. 이 시설은 2031년에 개장할 예정이며, 조기 개장 가능성도 있습니다. 새로운 홈은 필라델피아 76ers와 필라델피아 플라이어스의 새로운 집이 될 것입니다.
파트너십에는 센터 시티의 마켓 이스트를 회생시키기 위한 50-50 합작투자 또한 포함되어 있습니다. 이 프로젝트들은 필라델피아에서 수십억 달러의 경제 활동을 창출하고 수천 개의 일자리를 만들 것으로 예상됩니다. 또한 컴캐스트는 76ers의 소수 지분을 인수하고 HBSE와 협력하여 WNBA 팀 입찰에 참여할 계획입니다.
새로운 아레나는 국가에서 가장 기술적으로 발전하고 지속 가능한 스포츠 및 엔터테인먼트 공간 중 하나가 되는 것을 목표로 하며, 스포츠 팀과 주요 엔터테인먼트 이벤트를 모두 호스팅할 것입니다.
Comcast et Harris Blitzer Sports & Entertainment (HBSE) ont annoncé un partenariat à parts égales pour construire une nouvelle arène à la pointe de la technologie dans le complexe sportif de South Philadelphia. L’installation, prévue pour ouvrir en 2031 avec un potentiel de réalisation anticipée, sera la nouvelle maison des Philadelphia 76ers et des Philadelphia Flyers.
Le partenariat inclut également une entreprise conjointe à 50-50 pour revitaliser le Market East au centre-ville. Les projets combinés devraient générer des milliards en activité économique et créer des milliers d'emplois à Philadelphie. De plus, Comcast prévoit d'acquérir une participation minoritaire dans les 76ers et de s'associer à HBSE pour candidater à une équipe de la WNBA.
La nouvelle arène vise à être l'un des lieux sportifs et de divertissement les plus avancés et durables du pays, accueillant des équipes sportives ainsi que de grands événements de divertissement.
Comcast und Harris Blitzer Sports & Entertainment (HBSE) haben ein gemeinsames Unternehmen im Verhältnis 50-50 angekündigt, um eine neue hochmoderne Arena im Sportkomplex von South Philadelphia zu bauen. Die Einrichtung soll 2031 eröffnet werden, mit der Möglichkeit einer vorzeitigen Fertigstellung, und wird das neue Zuhause der Philadelphia 76ers und Philadelphia Flyers sein.
Die Partnerschaft umfasst auch ein 50-50-Unternehmen zur Revitalisierung von Market East im Stadtzentrum. Die kombinierten Projekte werden voraussichtlich Milliarden von Dollar an wirtschaftlicher Aktivität generieren und Tausende von Arbeitsplätzen in Philadelphia schaffen. Darüber hinaus plant Comcast, eine Minderheitsbeteiligung an den 76ers zu erwerben und mit HBSE zusammenzuarbeiten, um ein WNBA-Team zu ersteigern.
Die neue Arena soll einer der technologisch fortschrittlichsten und nachhaltigsten Sport- und Veranstaltungsorte des Landes werden und sowohl Sportteams als auch große Unterhaltungsveranstaltungen beherbergen.
- Formation of strategic 50-50 joint venture for new arena development
- Comcast acquiring minority stake in Philadelphia 76ers
- Potential expansion into WNBA market
- Expected generation of billions in economic activity
- Creation of thousands of new jobs
- Long timeline to completion (2031)
- Significant capital investment required for dual development projects
Insights
This major infrastructure project represents a significant capital investment that could materially impact CMCSA's financials and market position. The 50-50 joint venture structure for both the arena and Market East development spreads risk while maintaining substantial upside potential. The deal includes three key value drivers:
- A new state-of-the-art arena that will generate long-term revenue streams through sports, entertainment and ancillary businesses
- Strategic real estate development in Market East, enhancing Comcast's Philadelphia footprint
- Minority stake acquisition in the 76ers, plus potential WNBA team ownership
The 2031 completion timeline suggests measured capital deployment, allowing for proper project financing without straining CMCSA's balance sheet. The joint venture structure with HBSE provides complementary expertise in sports management and real estate development, potentially optimizing operational efficiency and return on investment.
This partnership strategically positions Comcast to dominate Philadelphia's sports and entertainment ecosystem. The dual-development approach targeting both South Philadelphia and Market East demonstrates sophisticated market positioning. Key strategic benefits include:
- Enhanced content distribution opportunities through ownership stakes in multiple sports franchises
- Strengthened competitive moat in the Philadelphia market through physical infrastructure control
- Diversification of revenue streams beyond traditional cable and broadband services
The timing aligns with broader industry trends toward experiential entertainment and integrated media rights management. The potential WNBA team acquisition particularly targets growing female sports viewership demographics, representing an underserved market opportunity with significant growth potential.
The dual-location development strategy presents a masterful approach to urban renewal. The South Philadelphia Sports Complex consolidation strengthens an existing entertainment district, while the Market East investment addresses critical downtown revitalization needs. The project's projected economic benefits include:
- Creation of thousands of construction and permanent jobs
- Billions in economic activity generation
- Enhanced neighborhood development opportunities
The sustainability focus and technological integration align with modern urban development best practices. The strong political support from both city and state leadership suggests streamlined approval processes and potential public-private partnership opportunities, reducing execution risk.
Partnership Will Create New Home for
** Mayor Cherelle Parker to Host Press Conference at 11:30 AM at City Hall with City Council President Kenyatta Johnson, Other Council Members, Comcast, HBSE and Comcast Spectacor **
Slated to open in 2031, with the potential to accelerate to an earlier date, the new facility will be one of the finest, most technologically advanced, and sustainable sports and entertainment arenas in the country. In addition, the partnership will include a 50-50 venture to invest in the revitalization of Market East in
By committing to both investments, the partnership will create thousands of jobs, generate billions of dollars in economic activity for the city, region and state, and enhance commitments to create economic opportunity in neighborhoods across
“This is a great day for
“From the start, we envisioned a project that would be transformative for our city and deliver the type of experience our fans deserve. By coming together with Brian and Comcast, this partnership ensures
“Today’s announcement is great news for the City of Philadelphia,” said NBA Commissioner Adam Silver. “I greatly appreciate the leadership of Mayor Parker and Governor Shapiro and the willingness of HBSE and Comcast to join forces, the result of which will be a world-class arena for 76ers and Flyers fans, with opportunities for more teams to come.”
“We're thrilled to see Comcast Spectacor and HBSE unite to deliver a new state-of-the-art arena in
The new arena partnership is a joint venture with equal board representation and an HBSE representative serving as the Chair. Comcast will have the naming rights to the venue. HBSE and Comcast will also immediately focus on Market East, bringing together government officials and local stakeholders to develop a variety of options to revitalize a vital neighborhood in
“We firmly believe we are better working together for Philadelphia,” said Dan Hilferty, Chairman and CEO of Comcast Spectacor. “This new arena will complement other exciting developments in the area, including Comcast Spectacor’s and the Philadelphia Phillies’ plans to create the country’s top sports and entertainment district. We will all work closely together to create an unmatched experience for the fans while developing a vibrant mixed-use district that serves our community.”
About HBSE
Founded by Josh Harris and David Blitzer in 2017, Harris Blitzer Sports & Entertainment (HBSE) is an industry-leading sports and entertainment group, with a focus on building passionate, high performing teams that strengthen our communities. Anchored in sports, venues and ventures, HBSE’s diverse and global portfolio is centered around marquee assets, including the
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit www.comcastcorporation.com for more information.
About Comcast Spectacor
Comcast Spectacor, a proven, innovative leader in sports and entertainment, is part of the Comcast Corporation, a global media and technology company that operates Comcast Cable, NBCUniversal, and Sky. Headquartered in
View source version on businesswire.com: https://www.businesswire.com/news/home/20250110761092/en/
Media Contacts:
HBSE
Dave Sholler
(609) 992-1315
Molly McEndy
(484) 433-7777
Comcast Corporation
Jennifer Khoury
(215) 531-3296
John Demming
(215) 429-4744
Comcast Spectacor
Emily Malmstrom
(704) 578-0907
Source: Comcast Corporation
FAQ
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