76ers ‘Seriously’ Considering Moving Team out of Philadelphia
The Philadelphia 76ers are seriously considering moving the team to Camden after receiving an incentive-laden offer from the New Jersey Economic Development Authority.
“We have worked tirelessly for the past five years to build an arena in Philadelphia and negotiations remain ongoing with city leadership regarding our proposal at Market East,” a team statement read, per CBS News. “The reality is we are running out of time to reach an agreement that will allow the 76ers to open our new home in time for the 2031-32 NBA season. As a result, we must take all potential options seriously, including this one.”
Attached in the NJEDA’s offer to move the 76ers arena to Camden, New Jersey where their headquarters and practice facility are already located, are very attractive incentives.
According to ROI-NJ, the 76ers could receive as much as $400 million each in two Aspire tax credits and up to $500 million of special-purpose bonds to support the development of the team’s new arena in Camden.
The offer also includes “low or no cost” transferring parcels of land where the arena and associated residential and commercial real estate could be placed.
NJEDA has proposed to build the new 76ers arena in the former Riverfront State Prison, just north of the Ben Franklin Bridge and Rutgers University-Camden.
