The Sixers are not moving to Newark

Sixers Michael Carter-Williams and the rest of the Sixers are introduced. Philadelphia Sixers vs Miami Heat on Wednesday, October 30, 2013 at the Wells Fargo Center. ( RON CORTES / Staff Photographer ).

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.