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.

A sudden change of plans will keep the Sixers in South Philadelphia as city officials gathered Monday to praise the team's unexpected decision to abandon their Center City arena proposal to become part of a new partnership.