The Philadelphia 76ers announced Monday a dramatic reversal of their arena plans, unveiling a "50-50 joint venture” with Comcast on a new building that will house both the NBA team and the NHL's Philadelphia Flyers,

The Philadelphia 76ers and Comcast Spectacor have reached a deal to allow the team to remain in South Philadelphia after more than two years of posturing,

Comcast (NASDAQ:CMCSA) has taken a minority stake in the Philadelphia 76ers basketball team, according to a press release from Monday. The media and cable giant has signed a 50/50 joint venture with Harris Blitzer Sports & Entertainment (HBSE) to build a new arena in the South Philadelphia Sports Complex for the NBA team and for the Philadelphia

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.

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,