Wells Fargo to End Naming Rights for Philadelphia Arena
- Wells Fargo is exiting its naming rights deal for the home arena of the Philadelphia 76ers and Flyers.
- This change prompts the need for the teams to secure a new sponsorship agreement.
- The departure of Wells Fargo may impact the financial landscape for both teams moving forward.
PHILADELPHIA – The Wells Fargo Center, home to the Philadelphia Flyers and the 76ers, will soon be seeking a new name as Wells Fargo has announced it will not renew its naming rights agreement with Comcast Spectacor when it expires in August 2025. The arena, which opened in 1996 and has hosted numerous major events, has undergone several name changes over the years, including CoreStates Center, First Union Center, and Wachovia Center before adopting the Wells Fargo name in 2010. In a statement, Wells Fargo cited a regular review of its sponsorship strategy as the reason for its decision, emphasizing that it values its relationship with Comcast Spectacor and looks forward to collaborating on events until the contract concludes. Comcast Spectacor CEO Dan Hilferty expressed optimism about finding a new partner for the arena's naming rights. The 76ers, who have distanced themselves from the Wells Fargo name in recent years, declined to comment on the announcement. The team stopped using the arena's name in official communications during the 2014-15 season after Wells Fargo opted not to partner with the franchise. Currently, Wells Fargo pays approximately $1.4 million annually for the naming rights. Recently, Comcast Spectacor invested $400 million in renovations to the arena, which included a significant redesign of the interior and new locker rooms for both the Flyers and the 76ers, indicating a commitment to enhancing the venue's facilities for future events.