A new arena for the Sixers and Flyers is coming to South Philadelphia in a 50/50 partnership with Comcast Spectacor and Harris Blitzer Sports & Entertainment.

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 deal comes just weeks after a grueling legislative battle in which the Sixers convinced City Council to give it the green light to move to Center City.