There was some concern among Sixers fans. The possibility of the franchise moving out of Philadelphia and into Camden, New Jersey, was a real and concrete possibility. The inability of the city to build a stadium for the team to play in the NBA was the main concern for the organization.
New Jersey had left a significant offer on the table for the Sixers to look at and analyze. The franchise currently has the Wells Fargo Center leased to Comcast Spectator and the lease expires in 2031. What was the offer? $400 million in tax breaks for the 76ers to build their new home across the river in Camden.
Mayor Cherelle Parker announced Wednesday that she had reached an agreement with the team’s owners to keep it in the city. The agreement will be sent to city council members. “It’s a historic agreement,” Parker said in a video posted on X (Twitter).
“I wholeheartedly believe this is the right deal for the people of Philadelphia. And to the people of Chinatown, please know that I hear you. We will have the best Chinatown in America, and I am committed to working collaboratively to support this,” Parker said. It should be noted that the site chosen to build the new stadium is in the vicinity of Chinatown.