Wells Fargo planning to drop name from South Philadelphia sports arena

This story originally appeared on 6abc.

Wells Fargo says it will be taking its name off the South Philadelphia sports arena next year when its contract expires.

“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.

The center is owned by Comcast Spectacor and is home to the Philadelphia 76ers and Flyers.

Since opening in 1996, there have been several name changes over the years including CoreStates Center (1996 to 1998), First Union Center (1998 to 2003), Wachovia Center (2003 to 2010), and Wells Fargo Center (2010- present).

The naming rights contract expires in August 2025.

Read the full statement released by Wells Fargo below:

“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.

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.

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.”