Philadelphia 76ers announce $1.3B plan to build a new arena

Philadelphia 76ers announce $1.3B plan to build a new arena

Yahoo Finance sports reporter Josh Schafer breaks down the Philadelphia 76ers' plans for a new arena and what they may mean for their home city.

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Philadelphia 76ers announce $1.3B plan to build a new arena

Fri, July 22, 2022, 6:25 AM

Yahoo Finance sports reporter Josh Schafer breaks down the Philadelphia 76ers' plans for a new arena and what they may mean for their home city.

Video Transcript

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DAVE BRIGGS: The country's next billion dollar sports venue won't be paid for with taxpayer money. The Philadelphia 76ers today announcing a $1.3 billion plan to build a new arena in the heart of downtown Philly. Our Josh Schafer spoke with one of the product leads-- project lead, excuse me. Josh, what are we learning?

JOSH SCHAFER: Yeah, Dave, so it's a $1.3 billion project. And if you take a look at the map that we have here, you can see kind of where it is in the city. And it really is kind of, as you referenced, right in the heart of the city, a lot of public transportation access there. It's about five miles from where the Wells Fargo Center is now, where the Sixers play. So it's a big move to kind of build its own little community in the city.

So I spoke with David Adelman. He's a real estate billionaire from Philadelphia that's in this project with David Blitzer and Josh Harris. And really, what he emphasized is building on what we've seen teams like the Warriors do-- build a community, build more than just a stadium, build kind of a new part of the city that people might want to go to.

And the big takeaway is using private money to do it. We know looking at, say, the Buffalo Bills, where they're spending about $850 million, $850 million of taxpayer money to build a stadium, it doesn't make people very happy. So these billionaires are coming in and saying, hey, we're going to use our own money to do it, because the NBA is making a lot of money. They have that big media rights deal coming up, expected to be $75 billion. The teams are doing plenty well. They're ready to reinvest.

SEANA SMITH: Josh, what do you make of the move, though to put it in the heart of Philadelphia? Because I'm a Philly girl. And for people who don't know, all of their stadiums are in South Philadelphia. And that's been the case forever. So is it-- I guess, how significant is this move? Do you think it's actually going to attract more fans?

Philadelphia 76ers announce $1.3B plan to build a new arena