The NBA has officially announced the launch of the new Delphi basketball arena, a move that will be welcomed by many in the sports world.
The New York Times reported that the league is expected to announce the details of the deal next week.
The arena, which will be built on the site of the former Delphi Hotel, will host some 250,000 NBA games per season.
The deal was first announced in June but was delayed after a major controversy over the size of the arena.
Delphi, the former home of the NBA’s New Jersey Nets, had been in the planning stages for a new arena since 2006.
However, when the NBA moved to a new home in New Jersey, the team moved its home from its current site in Brooklyn.
The NBA’s new home is expected not to be ready for the 2020-21 season.
The arena, built on land owned by the NBA Development League, will be located in the heart of Manhattan’s financial district and will feature restaurants, bars and retail stores.
The building will be open to the public on an 18-month lease and will be able to host events and functions at a reduced rate than the existing arena, the Times reported.
The plan for the new arena is to create a space for a high-end basketball team, and will also include a basketball academy.
The new arena, and the franchise, are expected to be completed by the end of 2021.
The Times noted that the NBA is expected at least two years away from announcing the specifics of the lease, as a number of factors are being considered for the project.
A source told the newspaper that the team would have the option to join a new city or a state, and would be able transfer the team to any state that was willing to take over the arena lease.
The source also said the arena would cost $30 million to $40 million.
NBA owner Joe Lacob is expected in New York on Thursday to unveil the details for the 2021-22 season, which is scheduled to begin with a home-and-home series between the Boston Celtics and New York Knicks on October 30 and November 4.