The 76ers' stunning reversal on their plans for a Center City basketball arena is another blow for East Market Street, one of downtown Philadelphia’s most beleaguered commercial corridors. Just three days before the 76ers news leaked,

The decision is rooted in a deal struck with Comcast Spectacor, which hopes to transform the South Philly sports complex over the next decade.

The deal comes just weeks after a grueling legislative battle in which the Sixers convinced City Council to give it the green light to move to Center City.

In a shocking decision, sources say the Sixers have decided to abandon plans to build a new Sixers arena in Center City, opting to stay in South Philadelphia.

The team, whose ownership group is led by investor Josh Harris, said it had formed a 50-50 joint venture with Comcast to replace its arena in the South Philadelphia stadium district by 2031. Comcast will also take a minority stake in the team and work together on the WNBA bid, the parties said in a joint statement Monday.

The Philadelphia 76ers have abandoned the plans to build a new stadium on Market Street, near Chinatown, and instead have negotiated with Comcast Spectacor to build a new arena in South Philadelphia.

Plans to build an arena for the Sixers in Center City have fallen through, and the team plans to stay in South Philadelphia, sources close to the negotiations say.

South Philly residents are sounding off after the Philadelphia 76ers announced they are abandoning the $1.3 billion plans to create an arena in Center City, moving the Sixers into a new arena in South Philly.

Less than two weeks into the new year, the Sixers delivered "a curveball that none of us saw coming," Mayor Cherelle Parker said at a press conference Monday. Why it matters: The team's new deal with Comcast Spectacor to build a South Philadelphia arena and entertainment complex shakes up plans to redevelop Market East,

What to KnowThe Philadelphia 76ers will partner with Comcast Spectacor to build a new arena in South Philadelphia and abandon a deal to move downtown. The stunning news came as a relief to critics of the plan to put a $1.