wachovia center

First Union Center (1998–2003) Location 3601 S Broad St

Philadelphia, PA 19148 Broke ground September 14, 1994 Opened August 31, 1996 Owner Comcast-Spectator L.P. Operator Global Spectrum Construction cost $210 million Architect Ellerbe Becket Capacity 21,600 (basketball)

19,519 (hockey)

17,486 (arena football) Tenants Philadelphia Flyers (NHL) (1996-present)

Philadelphia 76ers (NBA) (1996-present)

Philadelphia Wings (NLL) (1997-present)

Philadelphia Soul (AFL) (2004-present)

The Wachovia Center, formerly known as the CoreStates Center and the First Union Center, is an indoor arena located in Philadelphia, Pennsylvania, in the United States. It is the home arena of the Philadelphia Flyers of the NHL, Philadelphia 76ers of the NBA, Philadelphia Wings of the NLL, the Villanova college basketball team, and the Philadelphia Soul of the AFL. The arena was completed in 1996 on what was once the site of John F. Kennedy Stadium at a cost of $206 million, largely privately financed (though the city and state helped to pay for the local infrastructure). The building lies at the southwest corner of the South Philadelphia Sports Complex, which includes Lincoln Financial Field, Citizens Bank Park, and the Wachovia Spectrum, its predecessor as home to the Flyers, 76ers, and Wings. Contents [hide] 1 Name 1.1 From CoreStates to First Union to Wachovia 1.2 Battle between Citi and Wells Fargo 2 Facilities 3 Concerts 4 Tenants 5 Notable events 6 References 7 External links //

Name

From CoreStates to First Union to Wachovia

Before its construction, the proposed arena was tentatively called "The Spectrum II".[1] The arena was originally named for CoreStates Bank, which agreed to pay $40 million over 21 years for the naming rights, with additional terms to be settled later for an additional eight year period at the end of the contract. The naming rights were taken by First Union Bank in a merger in 1998 and then by Wachovia Bank in a 2003 merger with First Union. While under the First Union name, it was affectionately referred to as the "F.U. Center" by Philadelphians. Due to this, a name alteration was considered, the "First Union National Center." However, this was met with much derision from fans and athletes who played in the facility, such as former Philadelphia Flyers forward Brantt Myhres, who said the name change would make the building sound like a "circus venue."

Battle between Citi and Wells Fargo

On September 29, 2008, the FDIC made moves to have Citigroup purchase all Wachovia banking operations during the 2008 subprime mortgage crisis, which more than likely included the naming rights being transferred in the deal. But four days later, Wells Fargo purchased all Wachovia banking operations; Citigroup and federal regulators insisted that because Citigroup offered