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.

The Philadelphia 76ers have reportedly scrapped a controversial plan to build a new arena in Center City, according to reports from the Associated

On Sunday afternoon, there were major developments regarding the Philadelphia 76ers and their new arena. Weeks after getting approval from city council, the plans are now being scrapped. According to reports,

After having previously announced their intent to build a new $1.3 billion arena in Center City, the Sixers have abandoned those plans, according to Jake Blumgart and Sean Collins Walsh, who report that the team has reached a deal with Comcast Spectacor to remain in South Philadelphia.

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.