Wells Fargo Center is heading toward a name change next year

PHILADELPHIA (KYW Newsradio) — A change is on the way for Sixers and Flyers fans, as Wells Fargo plans to drop its name from the South Philly arena.

The San Francisco-based bank is choosing not to renew its contract after almost 15 years. A spokesperson for Wells Fargo said in a public statement that they made the decision after "reviewing and adjusting their sponsorship strategy."

Wells Fargo's naming rights will expire in August 2025.

According to newsgathering partner NBC10, Comcast Spectacor, which owns the arena, says the company is grateful for its partnership with the bank, and it is looking forward to working with a new partner.

The arena replaced the Spectrum as the home of the 76ers and Flyers. Construction was completed in 1996 on the former site of John F. Kennedy Stadium.

Since that time, the sports and entertainment hub has had four names. For the first two years, it was called CoreStates Center. Then it was First Union Center until 2003. After that, it was Wachovia Center until 2010, when Wells Fargo merged with Wachovia Bank.