The deal comes just weeks after a grueling legislative battle in which the Sixers convinced City Council to give it the green light to move to Center City.

The team's deal with Comcast Spectacor in South Philly includes investments on East Market Street, but few details are known.

The team, whose ownership group is led by investor Josh Harris, said it had formed a 50-50 joint venture with Comcast to replace its arena in the South Philadelphia stadium district by 2031. Comcast will also take a minority stake in the team and work together on the WNBA bid, the parties said in a joint statement Monday.

It is a head-spin development from the fight the 76ers have lodged over the last two years when it sought to build a new arena in Chinatown and close to the city’s center, and as it went to battle with Comcast,

The Sixers owners say they will 'develop a variety of options' for the East Market Street site where they initially sought to build a venue.

Plans to build an arena for the Sixers in Center City have fallen through, and the team plans to stay in South Philadelphia, sources close to the negotiations say.

Chinatown is claiming victory after the Philadelphia 76ers abruptly abandoned their plans for a brand-new arena in Market East.

South Philly residents are sounding off after the Philadelphia 76ers announced they are abandoning the $1.3 billion plans to create an arena in Center City, moving the Sixers into a new arena in South Philly.