'76ers, Flyers in search of new arena sponsor'

A new corporation will need to support the residence of the Philadelphia 76ers and Philadelphia Flyers following Wells Fargo's announcement on Wednesday that it intends to remove its name from the teams' arena, the Wells Fargo Center.

The change will take place in 2025, as Wells Fargo has decided not to extend the agreement that grants it naming rights to the venue.

"Wells Fargo regularly evaluates and adjusts our overall sponsorship strategy. Therefore, we have made the business choice to not renew the naming rights contract for Wells Fargo Center," stated a Wells Fargo representative in a statement to NBC10 Philadelphia.

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"We eagerly anticipate collaborating on live performances and sporting events at the Wells Fargo Center until the end of our contract in August 2025."

Wells Fargo has held naming rights for the arena for 14 years.