The team, whose ownership group is led by investor Josh Harris, said it had formed a 50-50 joint venture with Comcast to replace its arena in the South Philadelphia stadium district by 2031. Comcast will also take a minority stake in the team and work together on the WNBA bid, the parties said in a joint statement Monday.

The ownership groups of the Philadelphia 76ers and Flyers announced plans to build a new arena in South Philadelphia that would open in 2031.

The Sixers had gotten approval for a controversial new arena Center City, on the border of Chinatown, but changed plans.

The Philadelphia 76ers are staying in South Philadelphia in the latest -- and likely final -- twist in their quest to build a new arena. The Josh Harris-owned 76ers and the NHL's Flyers (owned by Comcast Spectacor) made an announcement Monday morning that the two teams will continue sharing a home in the South Philly Stadium Complex and will build a new arena slated to open by 2031 in a "50-50 joint venture.

The Philadelphia 76ers have decided not to build a $1.3 billion downtown arena. The surprising move comes just weeks after the team received approval for the contentious project from the city council.

The Philadelphia 76ers have reportedly scrapped a controversial plan to build a new arena in Center City, according to reports from the Associated

The 76ers had received approval to build a Center City stadium but changed course and now will partner with Comcast on a new South Philadelphia arena.

It is a head-spin development from the fight the 76ers have lodged over the last two years when it sought to build a new arena in Chinatown and close to the city’s center, and as it went to battle with Comcast,

The Philadelphia 76ers and Comcast Spectacor announced, on Monday, plans to build a new arena in South Philadelphia that will open in 2031. The arena will also be home to the Philadelphia Flyers.