(Bloomberg) -- Wells Fargo & Co. plans to take its name off of Philadelphia’s sports arena when the bank’s contract expires next year.
“Wells Fargo regularly reviews and adjusts our overall sponsorship strategy,” the bank said in a statement. “As such, we have made the business decision not to renew the naming rights contract to Wells Fargo Center.”
The Wells Fargo Center is the home of the Flyers hockey team and the NBA’s 76ers. The San Francisco-based bank acquired the sponsorship after it merged with Wachovia bank a decade ago.
The bank’s deal with arena owner, Comcast Corp., expires in August of next year, according to a spokesperson for the Philadelphia-based media and telecom giant.
“We are grateful for our long-standing relationship with Wells Fargo and look forward to working with a new partner as we continue to bring the best sports and entertainment experience to fans in the Philadelphia region,” Comcast’s Spectacor unit said in a statement.
Wells Fargo has been pulling away from such sponsorships, taking its name off of a PGA Tour event last year and a Jacksonville, Florida, office tower this year.
The owners of the 76ers are considering building a new arena in the city.
(Adds comment from Comcast in fifth paragraph.)
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