Wells Fargo has announced that it will discontinue its naming rights deal with the Philadelphia sports arena when the bank’s contract expires next year, write Gillian Tan and Christopher Palmeri for Bloomberg.

“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 home to both the Philadelphia 76ers and Philadelphia Flyers.

When the contract expires in August 2025, it will make the end of a 29-year partnership that dates back to 1996.

At the time, the arena was called the CoreStates Center and later the First Union Center. In 2003, it was renamed to the Wachovia Center before Wells Fargo acquired the sponsorship after it merged with Wachovia in 2010.

“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 Spectacor unit said in a statement.

This comes in the midst of the Sixers owners’ ongoing plans to build a new arena in the city.

Read more about Wells Fargo’s decision to withdraw from its naming rights contract with the Wells Fargo Center in Bloomberg.

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