US EditionSan Jose Approves $425m Sap Center Upgrade, Keeping Sharks Until 2051
The $425 million deal includes $325 million from the city and $100 million from the Sharks to modernize the 32-year-old SAP Center and plan a new arena by 2027.
- On Tuesday, the San Jose City Council unanimously approved a deal to modernize the 32-year-old SAP Center and keep the Sharks Sports & Entertainment in San Jose until June 30, 2051.
- The deal followed months of tense bargaining after Sharks Sports & Entertainment sought a long-term lease and the city faced a $35.6 million deficit this year and $52.9 million shortfall next year.
- Under the terms, the city and team agreed to a $325 million city investment, a $100 million Sharks contribution, $32 million capital maintenance, $12.35 million community benefits, and a $350 million bond paid in five $70 million installments .
- The deal builds in financial safeguards including Sharks Sports & Entertainment covering $517,000 traffic and management costs plus a $120,000 arena authority contribution.
- City and Sharks Sports & Entertainment will begin new arena planning by September 2027, with renovations to SAP Center expected over a seven-year timeline.
24 Articles
24 Articles
The Killeen Daily Herald
San Jose city council approves deal to keep the Sharks in the city until 2051
The San Jose City Council has approved a deal to renovate the Sharks' arena and keep the team in the city until 2051. On Tuesday, Mayor Matt Mahan and all 10 council members agreed to invest $325 million in upgrading…
The Mercury news
San Jose City Council approves new SAP Center lease deal with Sharks
SAN JOSE – An agreement that extends Sharks Sports & Entertainment’s lease at SAP Center to 2051 and commits hundreds of millions of public dollars towards modernizing the 32-year-old arena was unanimously approved by the San Jose City Council on Tuesday. The deal binds the city to a $325 million investment into the municipally owned facility, with the Sharks, who are owned by billionaire Hasso Plattner, contributing $100 million. The agreement …
Sharks to remain in San Jose until at least 2050-51 - Daily Faceoff
One of California’s staple franchises has plans to stick around for a long, long time. On Tuesday, Sharks Sports & Entertainment (SSE) and the City of San Jose announced that they have reached an agreement to extend the San Jose Sharks’ lease of the SAP Center, keeping the team in town through the 2050-51 season. Here’s to 25 more years of Teal at @SAPCenter 🩵We’re taking a look back at all the Sharks teams that have called the building home 👇…
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