Pro Basketball

Owners of the Philadelphia Flyers and the Philadelphia 76ers are “very close” to a deal that would keep the teams in the city until 2020.

“We have not completed our negotiations, however, we are very close,” said Fred Shabel, chairman of the board of Spectacor, which owns the Flyers and runs the Spectrum arena in South Philadelphia. The Flyers and the 76ers play at the Spectrum.

Under the deal, Spectacor would spend $100 million to build a 21,000-seat arena and an additional $30 million for a building to connect it with the Spectrum.

The deal also includes a commitment by the Flyers and the 76ers to play in the arena for 29 years.