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.

Plans to build a new arena for the Philadelphia 76ers in Center City have fallen through, and the team now plans to stay in South Philly, according to sources close to the negotiations.The reversal comes less than a month after 11 bills related to the construction of the proposed arena,

Despite the controversy surrounding the construction of a new arena, the Philadelphia 76ers and Philadelphia Flyers will have a new home after all. Harris Blitzer Sports & Entertainment (HBSE) and Comcast Spectacor have entered into a 50-50 joint venture to build a new arena in the South Philadelphia Sports Complex,