PHILADELPHIA — Editor's note: The above video is from July 24.
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 deal with the arena in the South Philadelphia sports complex that has served as home to the city’s NHL and NBA teams, most major entertainment touring acts, 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 parent company of the Flyers — when it expires in August 2025.
The arena, originally named CoreStates Center, opened in 1996 and has been the home to Philly sports stars like Allen Iverson, Eric Lindros and Joel Embiid, as well as NCAA Tournament games. The building has carried a number of names, including the First Union Center in 1998 and Wachovia Center in 2003. Wells Fargo bought out Wachovia and posted its name on the roughly 21,000-seat building in 2010.
“Wells Fargo regularly reviews and adjusts our overall sponsorship strategy. As such, we have made the business decision not to renew the naming rights contract to Wells Fargo Center,” the company said in a statement. The company said it values its relationship with Comcast Spectacor and looks forward to collaborating on events until the end of its contract.
Comcast Spectacor CEO Dan Hilferty said the company would “look forward to working with a new partner ... ."
The 76ers declined comment. The NBA franchise has said it does not intend to stay at the arena beyond the end of their 2031 lease. The team has proposed a $1.3 billion arena near the city’s Chinatown neighborhood.
The 76ers decided during the 2014-15 season to stop referring to the Wells Fargo Center by name in all news releases and on the team website because the financial institution chose not to become a business partner with the basketball franchise.
Wells Fargo paid a reported $1.4 million annually as part of the naming rights deal. Wells Fargo said it's one of the largest private employers in the area with nearly 4,000 employees across 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 completely redesigned 46,000 square feet inside the arena, with over 16,000 square feet dedicated to new locker rooms for both the 76ers and the Flyers.