SAN JOSE, Calif — The San Jose City Council unanimously approved a deal Tuesday to renovate the Sharks’ arena and keep the team in the city until 2051.
Mayor Matt Mahan and all 10 council members approved the deal that commits the city to investing $325 million to upgrade the 32-year-old SAP Center owned by the city with team owner Hasso Plattner contributing an additional $100 million. Plattner has already invested more than $100 million on arena upgrades over the past decade.
The agreement would also penalize the Sharks if they left the city before the lease expires on June 30, 2051.
The Sharks and the city of San Jose will also begin planning for a new arena by September 2027.
The Sharks began as a franchise in 1991 and moved into their arena in downtown San Jose in 1993.
“The Sharks have been proud to play in San Jose for the last 30-plus years and look forward to another 25 more,” team president Jonathan Becher said.
“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.”
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