What you should knowThe 76ers are going to remain in South Philly after abandoning their plan to build a new arena in Center City.Instead, the Sixers and Comcast Spectacor, which owns the Flyers and Wells Fargo Center,

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 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 deal comes just weeks after a grueling legislative battle in which the Sixers convinced City Council to give it the green light to move to Center City.

The Philadelphia 76ers have abandoned the plans to build a new stadium on Market Street, near Chinatown, and instead have negotiated with Comcast Spectacor to build a new arena in South Philadelphia.

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

Plans to build an arena for the Sixers in Center City have fallen through, and the team plans to stay in South Philadelphia, sources close to the negotiations say.