The Philadelphia 76ers are staying in South Philadelphia in the latest -- and likely final -- twist in their quest to build a new arena. The Josh Harris-owned 76ers and the NHL's Flyers (owned by Comcast Spectacor) made an announcement Monday morning that the two teams will continue sharing a home in the South Philly Stadium Complex and will build a new arena slated to open by 2031 in a "50-50 joint venture.

Mayor Cherelle Parker said she supports plans to keep the Sixers basketball team in South Philadelphia, instead of building a new arena in Center City.

It is a head-spin development from the fight the 76ers have lodged over the last two years when it sought to build a new arena in Chinatown and close to the city’s center, and as it went to battle with Comcast,

The 76ers had received approval to build a Center City stadium but changed course and now will partner with Comcast on a new South Philadelphia arena.

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 reportedly scrapped a controversial plan to build a new arena in Center City, according to reports from the Associated

The Sixers owners say they will 'develop a variety of options' for the East Market Street site where they initially sought to build a venue.

The city had approved a plan for a new arena in a struggling part of downtown. But on Monday, the Sixers said a new venue would be built near their current one instead.

The Philadelphia 76ers and Comcast Spectacor announced, on Monday, plans to build a new arena in South Philadelphia that will open in 2031. The arena will also be home to the Philadelphia Flyers.