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.

Ahead of Monday’s match-up against the Florida Panthers, Comcast Spectacor, the ownership group of the Philadelphia Flyers, and Harris-Blitzer, the ownership group of the Philadelphia 76ers, announced their partnership on a new arena for the two teams.

Negotiations over a potential collaboration between the ownership of the 76ers and the Flyers accelerated during the holidays after NBA Commissioner Adam Silver helped thaw relations.

New Jersey had pitched a massive, multibillion-dollar mixed-use development and arena project on the Camden waterfront for the HSBE-owned team that also came along with generous incentives of up to $800 million in tax credits and up to $500 million of special purpose bonds.

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

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 will partner with Comcast Spectacor to build a new arena in South Philadelphia and abandon a deal to move downtown. The news comes as a relief to critics of the plan to put a $1.

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