The Philadelphia 76ers and Comcast Spectacor announced, on Monday, plans to build a new arena in South Philadelphia that will open in 2031. The arena will also be home to the Philadelphia Flyers.

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.

A new arena for the Sixers and Flyers is coming to South Philadelphia in a 50/50 partnership with Comcast Spectacor and Harris Blitzer Sports & Entertainment.

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 stunning reversal comes as a relief to critics of the plan to put a $1.3 billion arena near City Hall at the edge of Chinatown. Mayor Cherelle Parker on Monday called the proposal “a win, win, win,