The Sixers and the New Jersey Devils are holding a joint press conference Thursday afternoon at the Prudential Center in Newark to make what the franchises have called a "major announcement."
But a person with knowledge of the situation has confirmed that neither franchise is relocating and that the announcement is unrelated to any on-court or on-ice matters.
Instead, the Sixers and Devils--both owned by Josh Harris and operated by CEO Scott O'Neil--will announce a sponsorship deal.
O'Neil will attend the 4 p.m. press conference, as will former Sixers greats Allen Iverson, Moses Malone, and Darryl Dawkins. Four former Devils are also scheduled to attend: Ken Daneyko, Bruce Driver, Jim Dowd, and Grant Marshall.