Philadelphia Mayor Announces $1.3 Billion 76ers Arena Deal Downtown

The 76ers will fully finance the project, with provisions for community investments and payments in lieu of taxes.

The Philadelphia 76ers will finance the entire $1.3 billion downtown arena project, with no city funding involved.
The team will make annual payments in lieu of taxes averaging $6 million per year.
A $50 million community benefits agreement will support local businesses, neighboring communities, and city schools.
Activists from Chinatown oppose the project, fearing displacement and increased traffic in their neighborhood.
If approved, demolition is set to begin in 2026, with the arena opening for the 2031-32 season.