PHILADELPHIA — The home of the
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“Wells Fargo regularly reviews and adjusts our overall sponsorship strategy. As such, we have made the business decision not to renew the naming rights contract to Wells Fargo Center,” the company said in a statement. The company said it values its relationship with Comcast Spectacor and looks forward to collaborating on events until the end of its contract.
Comcast Spectacor CEO Dan Hilferty said the company would “look forward to working with a new partner.”
The 76ers declined to comment. The NBA franchise has said it does not intend to stay at the arena beyond the end of their 2031 lease. The team has proposed a $1.3 billion arena near the city’s Chinatown neighborhood.
The 76ers decided during the 2014-15 season to stop referring to the Wells Fargo Center by name in all news releases and on the team website because the financial institution chose not to become a business partner with the basketball franchise.
Wells Fargo paid a reported $1.4 million annually as part of the naming rights deal. Wells Fargo said it’s one of the largest private employers with nearly 4,000 employees across the state and remains committed to the area.
Comcast Spectacor recently pumped $400 million into the arena as part of a massive renovation project. That included a $30 million investment and completely redesigned 46,000 square feet inside the arena, with over 16,000 square feet dedicated to new locker rooms for both the 76ers and the Flyers.
