$1.3 billion project. Philadelphia 76ers abandon plan to build arena downtown

The NBA's Philadelphia 76ers had an ambitious plan to build an arena in the city center, but that will not happen.

Details: According to BasketNews, the $1.3 billion project will not be realized. The news came as a surprise, as the club had recently received approval from the city to build an arena in the downtown area. The reason for the cancellation is that Philadelphia reached an agreement with Comcast Spectacor, which leases the arena for the 76ers.

The council approved the project on December 19, after more than two years of debate. Philadelphia's owners had hoped to move into the new arena by 2031, despite strong opposition from residents of the neighboring Chinatown.

Reminder: Fires are currently raging in Los Angeles, and over 100,000 people have been evacuated. The fires have damaged the property of many stars, including the home of Lakers head coach JJ Redick.

The damages from the fires are currently estimated at $57 billion.