Bloomberg: Billionaires Clash Over 76 Place, Proposed Chinatown Arena for Philadelphia 76ers

Rendering of proposed 76 Place Arena
Image via 76 Place.
The owners of the Philadelphia 76ers and Brian Roberts, chief executive officer of Comcast, have been in a battle over the team’s proposed future Chinatown home.

Recently, two squads of billionaires have been battling over 76 Place, the proposed future home of the 76ers in Philadelphia, writes Gerry Smith for Bloomberg.

On one side, the team’s owners, Josh Harris, of Apollo Global Management, David Blitzer, a Blackstone Group executive, and real estate developer David Adelman, want to build a new home for the team that would cost $1.3 billion.

On the other side, Brian Roberts, chief executive officer of Comcast, the cable and media conglomerate that owns the Wells Fargo Center, the team’s current home, wants them to stay.

Things are not going without issues for the team’s owners. Since the 76 Place was announced, it has divided the city and become an ugly public relations spat.

However, neither side is backing down.

The idea for the new home for the team was brought up by Adelman, CEO of Campus Apartments. He has spent months trying to win over skeptics by arguing that 76 Place would be good for the team, fans, and the surrounding community.

But he is facing strong pushback, especially from Philadelphia’s Chinatown neighborhood, near which the new arena would be located.

However, any decision will not be made until next year when the new city administration takes office.

Read more about the battle for the team’s future home in Bloomberg.


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