The Philadelphia 76ers have reached an agreement with Philadelphia mayor Cherelle Parker on plans to build a new arena in Center City. The $1.5 billion proposed arena now needs backing from City Council to get final approval.
In the video, Parker claimed the arena proposal is "the best financial deal ever entered into by a Philadelphia mayor for a local sports arena." She said she believes building the arena in Center City is the "right deal for the people of Philadelphia."
The Sixers said in a statement, "We are grateful to Mayor Parker and her team for their time and diligence in evaluating our proposal and look forward to advancing to the next steps with City Council."
The team's lease at the Wells Fargo Center, owned by Comcast Spectacor, ends in 2031. The Sixers have received interest to relocate to New Jersey if an arena deal in Philadelphia couldn't be reached.
Via Tom Ignudo, Liz Crawford, Tom Dougherty/CBS News Philadelphia
