Wells Fargo dropping its name from South Philadelphia sports arena

PHILADELPHIA (CBS) -- Wells Fargo plans to drop its name from the South Philadelphia sports arena, the home of the Flyers and 76ers, after the bank's contract expires in 2025.

"Wells Fargo regularly reviews and adjusts our overall sponsorship strategy," a Wells Fargo spokesperson said in a statement on Wednesday. "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."

Comcast Spectacor, which owns the arena, said it's "grateful" for its relationship with Wells Fargo.

"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," a Comcast Spectacor spokesperson wrote in a statement.

The arena in South Philly has been named the "Wells Fargo Center" since 2010.

Since opening in 1996, the arena has been known by several different names.

From 1996-98, it was known as the CoreStates Center. For the next five years from 1998-2003, it was named the First Union Center. Then from 2003-2010, it was known as the Wachovia Center.

At this time, it's unknown what the arena will be named after Wells Fargo's contract expires in August 2025.