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.
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.