San Jose and Sharks Sports & Entertainment have reached an agreement to secure the NHL franchise in the city until 2051. The deal entails a $425 million investment to upgrade SAP Center, with the city committing to $325 million of this investment over seven years. The agreement includes penalties for the Sharks if they leave San Jose. Sharks Sports & Entertainment has been a significant presence in the city for over 30 years, and their ownership has already invested more than $100 million, with additional planned investments to modernize the arena.
An agreement between San Jose and Sharks Sports & Entertainment promises to keep the NHL franchise in the city until 2051 while investing hundreds of millions of dollars to upgrade and modernize the SAP Center.
The agreement would commit the city to providing $325 million of the $425 million investment within the next seven years and impose stiff penalties on the Sharks should they leave the city.
Sharks Sports & Entertainment President Jonathan Becher stated that for more than 30 years, they have proudly represented San Jose, bringing world-class sports and diverse entertainment events.
Sharks owner Hasso Plattner has invested over $100 million into the city-owned venue and is committed to invest an additional $100 million for modernization.
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