According to a recent report from the Philadelphia Inquirer, the 76ers are exploring leaving the Wells Fargo Center and building a new basketball arena at Penn's Landing.
The team is lobbying the city to consider a plan with taxpayer support, meaning the ownership group would not have to pay for the entire stadium. The Sixers current lease on the Wells Fargo Center with Comcast Spectacor is set to end in 2031.
Here is more from the report on how the Sixers are looking to finance their new stadium:
The team is proposing to finance the project using the state Neighborhood Improvement Zone (NIZ) program, which allows development bonds to be issued based on future tax revenues from businesses within a certain area. It was used to fund the construction of an arena in Allentown.
The document says that no direct appropriation of taxpayer money would be needed, and that the NIZ would be funded through future city and state tax revenue. It suggests that Sixers representatives have already discussed the proposal with leaders of local and state transit agencies. And it touts a promise of $1 billion in economic benefits for communities of color through construction and operations.
The news comes several days after the Sixers season ended and Brett Brown was fired after a seven year head coaching stint. Elton Brand was given more power within the front office and addressed the media on Tuesday about the state of the front office. Many fans have been furious with Sixers ownership, particularly Josh Harris, and their handling of the team over the last several season.
Harris has had an active presence in the news cycle this summer. Back in March, he attempted to cut salaries for full-time employees with the Sixers and Devils but later reversed his decision. Then in June, reports surfaced that Harris was exploring a bid to buy the New York Mets, where he still remains a front runner to buy the team.
