Sharks Stay in San Jose: 2051 Arena Deal Approved
San jose Secures Sharks’ Future with Arena Deal
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Agreement Keeps Team in San Jose Through 2051
The San Jose City Council unanimously approved a deal on Tuesday, August 20, 2024, to renovate the SAP Center and ensure the San Jose Sharks remain in the city until 2051.
$425 Million Investment in SAP Center
Mayor Matt Mahan and all ten council members approved the agreement, committing the city to a $325 million investment in upgrades to the 32-year-old, city-owned SAP Center. Sharks owner Hasso Plattner will contribute an additional $100 million, building on over $100 million he has already invested in arena improvements over the past decade.
Lease Agreement Includes Penalties for Early Departure
The agreement includes financial penalties should the Sharks leave San Jose before the lease expires on June 30, 2051. This provision aims to solidify the team’s long-term commitment to the city.
Planning for a New Arena to Begin in 2027
Alongside the renovations, the Sharks and the City of San Jose will begin planning for a potential new arena, with the process slated to start by September 2027.
The Sharks franchise was established in 1991 and began playing at the downtown San Jose arena in 1993. The team has become a cornerstone of the city’s sports and entertainment landscape.
Team President Praises Partnership
“The Sharks have been proud to play in San Jose for the last 30-plus years and look forward to another 25 more,” said team president Jonathan becher.He emphasized that the partnership with the city will deliver “much-needed renovations and improvements for arena guests,the teams,and performers.”