Wells Fargo planning to drop name from South Philadelphia sports arena

Wells Fargo says it will be taking its name off the South Philadelphia sports arena next year when its contract expires.

"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," a spokesperson said in a statement.

The center, which holds 21,000 people, is owned by Comcast Spectacor and is home to the Philadelphia 76ers and Flyers.

"We are 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," said a Comcast Spectacor spokesperson in a statement.

Since opening in 1996, there have been several name changes including CoreStates Center (1996 to 1998), First Union Center (1998 to 2003), Wachovia Center (2003 to 2010), and Wells Fargo Center (2010- present).

The naming rights contract expires in August 2025.

READ MORE: Here's a look at the $2.5B makeover plan for the South Philly Sports Complex

Over the past several years, owners of the 76ers have been vocal about plans to leave the Wells Fargo Center and build a new arena, 76 Place, in Center City. The idea has been met with criticism by some, and no final plans have been approved.

Back in February, Comcast Spectacor unveiled a $2.5 billion upgrade plan for the South Philadelphia sports complex , which would make room for a separate concert venue, a new hotel, plus more restaurants and retail.

Read the full statement released by Wells Fargo below:

"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.

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 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."