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.

A new shared arena for the 76ers and Flyers is coming to the South Philadelphia Sports Complex as part of a 50/50 partnership between Comcast Spectacor and Harris Blitzer Sports & Entertainment, the Sixers' ownership group.

The move comes as a surprise after most recent reports cited the 76ers decision to not move forward with plans to build a new $1.3 billion arena. The Philadelphia Inquirer reported Sunday that multiple council members confirmed the change in plans following the city’s initial approval of the project.