Predictions for renaming the Wells Fargo Center
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The search is on for a new name for the Wells Fargo Center.
Why it matters: Sport is king in Philly, so winning naming rights for the home to the Sixers (for now) and Flyers would put a new company's name on Philadelphians' tongues for years.
State of play: Comcast Spectacor, which owns the South Philly arena, already has "significant interest and enthusiasm from a number of companies" for the naming rights, chief revenue officer Todd Glickman tells Axios.
- The subsidiary of Philly-based Comcast Corp. is in talks with national companies but is also seeking a partner with local ties, he said.
- There's no deadline to strike a deal.
Catch up quick: Wells Fargo revealed last week that it doesn't plan to renew its naming rights deal with Comcast Spectacor, which expires August 2025.
- The arena has been known as the Wells Fargo Center since 2010.
- The move comes as the arena is poised to lose the Sixers once their contract expires in 2031, which is likely to affect any new agreement.
Between the lines: The Sixers want to build a $1.5 billion arena in Center City, but plans have stalled. New Jersey officials, meanwhile, are trying to convince the team to relocate to Camden.
- Yes, but: Comcast Spectacor has big plans too. The company is pursuing a $2.5 billion, decadelong revamp to turn the stadium district into an entertainment destination with hotels, restaurants and shops.
The big picture: Three industries dominate naming rights for the Big Four sports leagues: Financial services, insurance and telecom.
By the numbers: Naming rights don't come cheap, which will likely limit the buyer pool.
- Levi Strauss & Co. agreed to pay the San Francisco 49ers $17 million a year for a decade, starting in 2034.
- Miami-Dade County is pulling in $117 million over 17 years from software company Kaseya for naming rights to the Miami Heat's arena.
Zoom in: The Philly region is stocked with large companies with deep enough pockets to become the arena's next sponsor. They include:
- Convenience store darling Wawa
- Pharmaceutical giant Cencora
- Food service provider Aramark
- Home builder Toll Brothers
- Financial firm Susquehanna International Group
- Soup maker Campbell's
Axios readers also weighed in with their ideas for a new name:
- Liz A.: Philly Proud Center
- Ian S.: "Dallas Sucks!" Arena
- Joseph C.: Wilt Center
- John T.: Empty Pockets Arena — "That's what you'll have after attending any event there"
- Shirly L.: Spectrum