South Philadelphia's biggest arena is once again going to need a new name.
Wells Fargo confirmed with NBC10 on Wednesday, July 24, 2024, that they will be removing their name from the Wells Fargo Center in 2025.
A spokesperson with the bank said that after reviewing their sponsorships, they decided to not renew their naming rights contract to the arena located in South Philadelphia.
"Wells Fargo regularly reviews and adjusts our overall sponsorship strategy," the spokesperson said in a statement to NBC10. "As such, we have made the business decision not to renew the naming rights contract to Wells Fargo Center. We value our relationship with Comcast Spectacor and we look forward to collaborating on live entertainment and sporting events at the Wells Fargo Center through the end of our contract in August 2025.
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"Wells Fargo has a long, rich history in the City of Philadelphia. Our nearly 4,000 employees across Pennsylvania make us one of the largest private employers in the area, and we remain committed to the City of Philadelphia region. Since 2020, Wells Fargo has invested more than $21 million in philanthropic giving in the City of Philadelphia and in Pennsylvania, focused on supporting affordable housing, small business, financial health, sustainability and more."
Wells Fargo has held the naming rights for the building since 2010. It was previously known as the First Union Center, Wachovia Center and CoreStates Center.
Comcast Spectacor shared their reaction to the news with NBC10 by issuing a statement that reads, "We are grateful for our long-standing relationship with Wells Fargo and 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."
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Comcast owns the Wells Fargo Center building. Comcast is also the parent company of NBC10.
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