The Wells Fargo Center, which has been home to the Philadelphia Flyers and the 76ers, will soon be looking for a new name. Wells Fargo has announced that it will not be renewing its naming rights deal with the arena in South Philadelphia after it expires in August 2025.
The arena, originally known as the CoreStates Center when it opened in 1996, has hosted numerous events over the years, including NHL and NBA games, concerts, political conventions, WrestleMania, and college basketball games. It has undergone several name changes, including being called the First Union Center and the Wachovia Center before becoming the Wells Fargo Center in 2010.
In a statement, Wells Fargo said that it regularly reviews its sponsorship strategy and has decided not to renew the naming rights contract with the arena. However, the company emphasized that it values its relationship with Comcast Spectacor, the building’s owner, and looks forward to continuing to collaborate on events until the end of its contract.
Comcast Spectacor CEO Dan Hilferty expressed optimism about working with a new partner in the future. Meanwhile, the 76ers have not commented on the news. The NBA franchise has already announced that they do not plan to stay at the Wells Fargo Center beyond the end of their lease in 2031, as they have proposed building a new $1.3 billion arena near Chinatown.
Back in 2014-15, the 76ers stopped referring to the Wells Fargo Center by name in their news releases and on their website after Wells Fargo chose not to become a business partner with the team. Wells Fargo reportedly paid $1.4 million annually for the naming rights deal.
Despite the end of the naming rights deal, Wells Fargo remains committed to the area, as one of the largest private employers with nearly 4,000 employees across the state. On the other hand, Comcast Spectacor recently invested $400 million in renovating the arena, with $30 million dedicated to redesigning 46,000 square feet inside the building, including new locker rooms for both the 76ers and the Flyers.
Overall, the end of the naming rights deal between Wells Fargo and the arena marks the beginning of a new chapter for the Philadelphia sports complex, as it looks for a new partner to put their name on the iconic building that has been a staple in the city’s sports and entertainment scene for decades.