The Sixers need to stay in Philadelphia! And they are!

The 76ers reached an agreement with the city of Philadelphia to keep the organization in the city and build a new arena. Located in Center CityMayor Sherrell Parker announced the news in a video posted to her official Twitter account on Wednesday.

Parker's announcement came after a meeting with Chinatown community members on Wednesday afternoon, after which Parker explained that the bill would now be presented to the Philadelphia City Council and “must be approved.” (RELATED: Adrian Wojnarowski quits throwing 'Wojnarowski' to become general manager of St. Bonaventure basketball)

“My administration has reached an agreement with the Sixers to build an arena in Center City,” Parker said. “This is the largest financial deal ever made by a Philadelphia mayor for a local sports arena, and I believe wholeheartedly that this is the right deal for the people of Philadelphia.”

Parker said the deal promises Philadelphia $1.3 billion in private investment and will pump “hundreds of millions” of tax dollars into the city and school district, plus the arena, if approved, would create hundreds of jobs.

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As Mayor, I have some very important news to share from my office at City Hall: I have made the decision and am proud to have reached an agreement to keep the Sixers home.

I truly believe this is the right deal for our people… pic.twitter.com/Fnj19mrBOV

— Mayor Sherrell L. Parker (@PhillyMayor) September 18, 2024

You can’t take the 76ers out of Philadelphia, that’s like taking Santa out of the North Pole.