The San Jose City Council unanimously approved a significant agreement on Tuesday, ensuring the renovation of the Sharks` arena and the team`s continued presence in the city until 2051.
This landmark deal received full endorsement from Mayor Matt Mahan and all ten council members. Under the terms, the city is committed to investing $325 million to upgrade the 32-year-old, city-owned SAP Center. Team owner Hasso Plattner will contribute an additional $100 million. It`s noteworthy that Plattner has already invested over $100 million in arena improvements over the past decade, bringing the total financial commitment to the facility to more than $525 million.
The agreement also includes provisions for penalties should the San Jose Sharks decide to relocate from the city before the lease agreement expires on June 30, 2051.
Looking ahead, both the Sharks organization and the City of San Jose are slated to commence planning for a potential new arena by September 2027.
The San Jose Sharks franchise was established in 1991 and made its home in the downtown San Jose arena in 1993.
Team President Jonathan Becher expressed his enthusiasm, stating, “The Sharks have been proud to play in San Jose for over 30 years and look forward to another 25 more.” He further elaborated, “While we have consistently invested our own funds to maintain the city-owned SAP Center and intend to continue doing so, this partnership with the City of San Jose will bring much-needed renovations and improvements for arena guests, the teams, and performers.”