PHILADELPHIA (AP) -- The home of the Philadelphia Flyers and the 76ers has a new name.

The arena will be renamed Xfinity Mobile Arena, effective Sept. 1 and running through the 2030-2031 season.

Banking giant Wells Fargo announced last year that it would not renew its deal with building owner and operator Comcast Spectacor -- the parent company of the Flyers -- when it expires in August.

Financial terms were not announced. Wells Fargo paid a reported $1.4 million annually as part of the naming rights deal.

The arena, originally named CoreStates Center, opened in 1996 and has been the home to Philly sports stars like Allen Iverson, Eric Lindros and Joel Embiid, as well as NCAA Tournament games. The building has carried a number of names, including the First Union Center in 1998 and Wachovia Center in 2003. Wells Fargo bought out Wachovia and posted its name on the roughly 21,000-seat building in 2010.

Comcast Spectacor last year completed a $400 million renovation project of the Wells Fargo Center.

The 76ers earlier this year announced they would partner with Comcast Spectacor, their current landlord, to build a new arena in South Philadelphia and abandon a deal with the city to move downtown. Comcast will own the naming rights to the arena being developed via a joint venture between HBSE and Comcast Spectacor, set to open in the 2031-2032 season.

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