Wells Fargo Center will need a new name after banking giant decides against renewing rights deal in 2025
The naming rights deal for the South Philadelphia arena expires in August 2025.
Wells Fargo has decided against renewing its naming rights deal for the South Philadelphia arena that is currently the home of the Sixers and Flyers, the banking giant announced Wednesday.
“Wells Fargo regularly reviews and adjusts our overall sponsorship strategy. As such, we have made the business decision not to renew the naming rights contract to Wells Fargo Center,” the bank said in an emailed statement Wednesday evening.
“We value our relationship with Comcast Spectacor and we look forward to collaborating on live entertainment and sporting events at the Wells Fargo Center through the end of our contract in August 2025,” Wells Fargo said.
“Wells Fargo has a long, rich history in the City of Philadelphia. Our nearly 4,000 employees across Pennsylvania make us one of the largest private employers in the area, and we remain committed to the City of Philadelphia region. Since 2020, Wells Fargo has invested more than $21 million in philanthropic giving in the City of Philadelphia and in Pennsylvania, focused on supporting affordable housing, small business, financial health, sustainability and more,” Wells Fargo said.
Comcast Spectacor, the owner of the arena and the Flyers, also issued a statement Wednesday evening, saying it is “grateful for our long-standing relationship with Wells Fargo and look forward to working with a new partner as we continue to bring the best sports and entertainment experience to fans in the Philadelphia region.”
The company, which is the local sports and entertainment arm of communications giant Comcast, has a $2.5 billion reimaging plan that, if realized, would bring hotels, residences, restaurants, shops and a 5,500-seat performance stage transform to some of the parking lots at the South Philadelphia stadium district over a decade.
By comparison, a name change on an arena is relatively unremarkable. And not exactly rare. The Wells Fargo Center has switched names several times since it opened in 1996, having been known as CoreStates Center, First Union Center and Wachovia Center. It replaced the Spectrum, which hosted its last event, in October 2009.
Meanwhile, one of its tenants is considering a move elsewhere. The Sixers are pursuing a new sports arena at 10th and Market Streets in Center City. Its lease at what is now called the Wells Fargo Center expires in 2031.