The Philadelphia 76ers and Comcast Spectacor announced, on Monday, plans to build a new arena in South Philadelphia that will open in 2031. The arena will also be home to the Philadelphia Flyers.

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,

New Jersey had pitched a massive, multibillion-dollar mixed-use development and arena project on the Camden waterfront for the HSBE-owned team that also came along with generous incentives of up to $800 million in tax credits and up to $500 million of special purpose bonds.

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 will partner with Comcast Spectacor, their current landlord, to build a new arena in South Philadelphia and abandon a deal with the city to move

The Sixers had gotten approval for a controversial new arena Center City, on the border of Chinatown, but changed plans.

What you should knowThe 76ers are going to remain in South Philly after abandoning their plan to build a new arena in Center City.Instead, the Sixers and Comcast Spectacor, which owns the Flyers and Wells Fargo Center,

Adam Silver played a big part in convincing the 76ers to change plans for their new arena. They will stay in South Philly.