SOUTH PHILLY SHOCKER! Wells Fargo to Remove Their Name From South Philadelphia Arena

Massive changes are coming to one of the biggest and most popular venues in the City of Philadelphia. In fact, it’s getting a brand new name.

It was announced Wednesday evening that Wells Fargo would be taking their name off the sports arena next year when their current contract expires.

The naming rights on the arena, which is home to the Philadelphia 76ers basketball team and the Philadelphia Flyers hockey team, had been held by the banking giant Wells Fargo since 2010.

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The banking company says the decision to not renew their contract for the naming rights was essentially a business decision.

"Wells Fargo regularly reviews and adjusts our overall sponsorship strategy. As such, we have made the business decision not to renew the naming rights contract to Wells Fargo Center," a spokesperson said in a statement issued Wednesday night to the media. 

The Wells Fargo Center holds approximately 21,000 people and hosts hundreds of events including some of the biggest concerts and events in the city each year. The arena is owned by Comcast Spectacor.

What's Next for the Wells Fargo Center?

Wells Fargo’s current naming contract runs through August 2025 meaning their name will remain as the title sponsor through much of next summer.

“We look forward to collaborating on live entertainment and sporting events at the Wells Fargo Center through the end of our contract,” Wells Fargo said on Wednesday.

Comcast Spectacor thanked Wells Fargo for their partnership and told Philadelphia’s NBC 10 that they look forward to “working with a new partner as we continue to bring the best sports and entertainment experience to fans in the Philadelphia region.”

It won’t be the first name change for the arena since opening in 1996. The history of the arena’s names were: CoreStates Center (1996 until 1998), First Union Center (1998 until 2003), Wachovia Center (2003 until 2010) and now the Wells Fargo Center (2010 until 2025.)

It's not clear which area businesses are likely to raise their hands for the naming rights to the arena for what is likely to be an expensive contract.