The Philadelphia 76ers and Comcast Spectacor announced, on Monday, plans to build a new arena in South Philadelphia that will open in 2031. The arena will also be home to the Philadelphia Flyers.

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.

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.