The 76ers are holding their corporate sponsor, Wells Fargo, in a pseudo ransom, according to a report from the Associated Press.
After allegedly severing financial ties with the 76ers, Wells Fargo decided to strip any further professional relationship with the organization. In a fair reaction, the 76ers fired shots back, illustrating the fact that if the organization is refused compensation, they’ll refer to their home as “The Center.”
Since 1996, Comcast Spectator – banding together with CoreStates Financial – agreed to a 29-year (expires in 2024) deal worth $40 million regarding naming rights to the arena. Without the listed provisions available, it’s understood that, because it flipped names four times (named Wells Fargo Center since 2010), the sponsor could deliberately rename the facility with no ramifications.
In addition to “supporting” Philadelphia, Wells Fargo also sponsors Mexico’s national soccer team, Major League Soccer and – extended until 2019 – its self-titled PGA Tour, the Wells Fargo Championship.
The founders of American Express, Henry Wells and Williams Fargo, started Wells Fargo in 1852.
With its satellite office in San Francisco, Wells Fargo has reported revenue at $83.32 million, capped off with a market capitalization of $294.6 billion.
*Featured Photo (above) credit to USA TODAY Sports