The Philadelphia 76ers are seriously considering relocating to New Jersey, according to recent reports.
Tom Bergeron of ROI-NJ reported that the team received a proposal from New Jersey for a new arena project in Camden.
This proposal comes as the 76ers’ lease at the Wells Fargo Center nears expiration and negotiations with Philadelphia continue.
The new arena in Camden would be a transformative project that the 76ers could own and operate.
The state of New Jersey is offering land adjacent to the Delaware River, near the Ben Franklin Bridge, for the arena’s construction.
The project would be self-financed by Harris Blitzer Sports & Entertainment (HBSE), the 76ers’ parent company, and include a mixed-use development.
This development would feature commercial, residential, and retail spaces, and the land might be provided at minimal or no cost to HBSE.
Additionally, the project could qualify for two Aspire tax credits worth up to $400 million each.
The Governor’s Office is also proposing up to $500 million in special-purpose bonds to support the arena’s development, funded by ticket and concession fees.
Despite ongoing efforts to build an arena in Philadelphia, the 76ers are running out of time to meet their 2031-32 season target.
The team would need to begin construction by 2025 and secure approvals by the end of this year to stay on schedule.
Philadelphia Mayor Cherelle Parker’s office recently released reports questioning the economic benefits of the proposed arena in Center City.
These reports highlighted concerns about potential gentrification and displacement effects on local communities and businesses.
While the 76ers have been committed to a new facility in Philadelphia, the proposal from New Jersey presents a viable alternative.
A team spokesperson expressed appreciation for the New Jersey proposal and acknowledged the need to explore all options.
As the deadline for decisions approaches, the future location of the 76ers remains uncertain but increasingly focused on New Jersey.
