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.

It is a head-spin development from the fight the 76ers have lodged over the last two years when it sought to build a new arena in Chinatown and close to the city’s center, and as it went to battle with Comcast,

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 Philadelphia 76ers will partner with Comcast Spectacor to build a new arena in South Philadelphia and abandon a deal to move downtown.

Moving forward, the Sixers are still in progress to have a new arena by 2031. However, the will be remaining in the city's "stadium district." This announcement came after reports emerged that NBA commissioner Adam Silver and NFL commissioner Roger Goodell held a meeting with the higher-ups of the franchise.

Adam Silver played a big part in convincing the 76ers to change plans for their new arena. They will stay in South Philly.