— 76ers Plan $1.3 Billion Arena; Global Stocks Suffer Nightmare Week; China Unveils Measures to Boost Market; Arm Set for IPO Next Month; Apollo Partner Fired for Misconduct; Deerfield Issues Bonds to Build Dining Hall; Related Develops Luxury Condos in Florida
1. 76ers Plan $1.3 Billion Arena
Last year, the NBA’s Philadelphia 76ers announced plans to build a brand-new $1.3 billion arena, but the current venue’s owner, Comcast, wants the team to stay.
Comcast is one of Philadelphia’s largest employers, with its offices located in the city’s two tallest skyscrapers. With considerable political influence in the region, Comcast presents significant obstacles to the 76ers’ plans to build a new home.
David Adelman, one of the team’s owners, said the 76ers feel like they live in a city run by a corporation.
The team’s current venue, Wells Fargo Center, was built in 1996. Adelman believes the arena is outdated in both facilities and functions, and that the team will relocate when their lease expires in 2031.
Adelman’s real estate company is Campus Apartments, one of the largest student housing developers in the U.S.
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2. Global Stocks Suffer Nightmare Week
This week, U.S. and global stock indices suffered broad losses, potentially marking their biggest weekly decline since the collapse of Silicon Valley Bank in March.
Today, the Nasdaq 100 fell 0.5%, while the S&P 500 and other risk assets were also heavily sold off. Bitcoin dropped as much as 8%.
Although recession fears have somewhat eased, persistent inflation and ongoing monetary tightening have become the dominant concerns.
David Donabedian, CIO at CIBC Private Wealth, said investors now worry the economy is too strong, which could force the Fed to keep raising interest rates. Rising bond yields are also sapping demand for equities.
The ratio of bearish to bullish sentiment on U.S. stocks has risen to its highest since March.

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3. China Unveils Measures to Boost Market
This week, stock exchanges in mainland China instructed investment funds to avoid net selling and encouraged major tech companies to repurchase shares to help support the market.
In addition, regulators have begun asking central banks to support the yuan and have reduced stock trading fees.
So far, the measures have not significantly boosted markets. Chinese stocks listed in Hong Kong have declined for three straight weeks.
The Hang Seng Index is down 8% for the year, while the yuan has depreciated more than 5%.
On Friday, foreign investors posted record net outflows from Chinese equities.
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4. Arm Set for IPO Next Month
Recently, SoftBank acquired the remaining shares of UK chip designer Arm at a $64 billion valuation, giving the group full control.
Sources say that when SoftBank first invested in Arm in 2017, the company’s valuation was half of what it is today. Arm is set to publish its IPO prospectus next Monday, and the listing may be completed next month.
After disappointing investments in companies like WeWork and FTX, Arm’s IPO could be a rare bright spot for SoftBank.
Last year, SoftBank’s Vision Fund laid off dozens of employees.
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5. Apollo Partner Fired for Misconduct
This week, private equity firm Apollo Global Management issued a statement saying that an internal investigation found infrastructure partner Dylan Foo engaged in misconduct toward company employees.
Apollo stated that it strictly prohibits any behavior that undermines its culture and has terminated Foo’s employment.
Foo joined Apollo in 2019 and, during his tenure, the firm invested $500 million in Doral Renewables.
Partner Olivia Wassenaar has been appointed interim head of infrastructure.
Apollo is currently forming its third infrastructure fund, targeting between $4 billion and $5 billion in capital.

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6. Deerfield Issues Bonds to Build Dining Hall
Elite Massachusetts boarding school Deerfield Academy plans to issue $88.5 million in municipal bonds next week to fund renovations of its dining hall.
The Massachusetts Development Finance Agency will assist in selling the bonds, which will effectively double the school’s total debt load.
According to bond documents, Deerfield believes new facilities will encourage students to dine on campus and interact more with peers—something increasingly rare in today’s environment.
Founded in 1797, Deerfield is located 120 miles west of Boston and counts several Rockefeller family members among its alumni. The school serves grades 9 through 12, with 652 students enrolled this academic year.
With an endowment of $791 million, Deerfield stands out among high schools.
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7. Related Develops Luxury Condos in Florida
Billionaire Stephen Ross’s real estate firm, Related Cos., has acquired land in West Palm Beach, Florida, for a luxury condo development.
Sources say the site sold for $195 million. The sellers, Hines and Frisbie, bought the land last year for $42 million.
The project, called South Flagler House, will consist of two 28-story interconnected towers designed by Robert A.M. Stern Architects, the firm behind Manhattan’s 15 Central Park West. Construction is scheduled to begin next year.
The development marks another step in Related’s expansion in South Florida. In 1999, Related built a mixed-use property called The Square.
The firm’s local projects have attracted major financial firms like Goldman Sachs and Point72.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.