Wells Fargo Centre Renamed to Bankless Arena in a $420 Million Deal

  • Wells Fargo Center to be renamed as Bankless Center.
  • The Wells team members are not too happy about the change. 

The promotion of Cryptocurrency via the sports community is growing every day. Earlier today, the home of the 76ers and Flyers since 1996, Wells Fargo Center in downtown Philadelphia, will be renamed Bankless Arena. It marks another incident of a crypto firm using its name on a sports stadium. 

Wells Fargo secured a naming rights deal in 1996 for 25 years by paying $125 million to Comcast. However, the approval of the 10-year naming rights deal with Bankless is the first name change for the arena since its opening in 1996. 

Bankless acquired the deal, beating a deal from Citadel CEO Ken Griffin at the last moment. It has been reported that Bankless will trade 69,000 Ethereum tokens and also Bored Ape Yacht NFTs, Turtle NFTs, and “David’s Crypto Pink” through SudoSwap, the amount of which is still not known. 

However, the reaction to this change in both the companies was not as expected. In a joint press conference on March 31, a senior Wells member expressed his disappointment with “DeFi people” as Wells Fargo was about to acquire Bankless, but the latter withdrew. 

However, the team from Bankless seemed excited about this change. They are looking forward to investing long-term in Philadelphia. They said, “Known as the birthplace of our fair country, the city of Philadelphia and the people who call it home have always been pioneers, and Bankless usurping Wells Fargo as the sponsors of this iconic arena is just further evidence of that.” 

The press was also informed that the signage would be changed after the Flyers officially took over the Columbus Blue Jackets. 

Shreya Bhattacharya
Shreya Bhattacharya

A journalist & writer exploring new topics every day!

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