The 76ers’ planned arena in downtown Philadelphia is no more.

Less than four weeks after the city council there approved the NBA team’s long-controversial arena and mixed-use development, 76 Place at Market East, the franchise has dramatically pivoted—instead striking a large-scale deal with Wells Fargo Center owner Comcast Spectacor to stay in the South Philadelphia sports complex, Front Office Sports has confirmed.

The far-reaching deal, quickly coming together over the recent holidays, contains at least three major components:

The 76ers and Comcast Spectacor will enter a 50-50 partnership for the development and ownership of a new arena in the existing sports complex. Comcast Spectacor had long offered this deal during downtown arena deliberations that roiled the city for several years, but until now, the 76ers had resisted it. In the current Wells Fargo Center lease, the 76ers are a tenant and have a less robust financial presence there.
Joint pursuit of a WNBA expansion franchise.
A separate, non-sports development to be built at the 76 Place at Market East site, near Philadelphia’s Chinatown.