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

A whirlwind deal to keep the Philadelphia 76ers in South Philadelphia was made official Monday. As reported by NJBIZ, the team has been involved in a process to secure a new, state-of-the-art arena.

"You told me that in addition to ensuring that the 76ers continue to play in a world-class arena in Philadelphia, you expressed a strong desire to bring a WNBA team to the city," Silver said.