US EditionSan Jose city council approves deal to keep the Sharks in the city until 2051
San Jose plans a $425 million renovation of the SAP Center, with the city funding most costs and Sharks Sports & Entertainment contributing $100 million, ensuring the team's downtown presence.
- On Tuesday, the San Jose City Council agenda includes a major deal to renovate SAP Center and keep the San Jose Sharks downtown, with team president Jonathan Becher expressing commitment for 25 more years.
- City leaders say the SAP Center is the NHL's oldest active arena without a major renovation and no longer meets National Hockey League requirements, citing infrastructure issues that hinder recruiting.
- Officials estimate Sharks Sports & Entertainment will generate more than $1.25 billion in economic impact and support 25,000 hotel room nights over five years, while San Jose city finance officials cite financing options including short-term commercial paper, transient-occupancy tax, and a general obligation bond.
- The city and San Jose Sharks will begin planning a new arena by September 2027, and the agreement would penalize the Sharks if they leave before the lease expiration on June 30, 2051.
- Critics warned approving the deal amid projected deficits risks leaving the General Fund and essential services vulnerable, while the South Bay Labor Council supports keeping the Sharks but seeks guarantees for worker protections and community benefits.
20 Articles
20 Articles
City Council to vote on deal to keep Sharks in San Jose
SAN JOSE, Calif. (KRON) -- The San Jose City Council is set to approve a deal on Tuesday that will keep the San Jose Sharks in the city until 2051. The agreement involves the city funding up to $350 million of a $425 million upgrade to the Shark Tank, also known as the SAP Center. Critics argue that the city should prioritize its residents over a sports team, given the current budget deficit. ‘Soft Clubbing’ is redefining nightlife in major citi…
Upcoming vote to determine if Sharks stay in San Jose
A major deal is on the agenda at Tuesday’s San Jose City Council meeting. The San Jose Sharks attract fans to their games downtown – and whether they continue to do so depends on an agreement that would keep the team in San Jose for the next 25 years. But the city will have to pay about $325 million in renovations, while the Sharks contribute about $100 million. The city says financial options include short-term commercial paper, increased tran…
The city would pay most of the total $425 million needed to renovate the SAP Center.
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