Agreement reached to keep Sharks in San Jose through 2051

SAN JOSE, Calif. (KRON) — The San Jose City Council approved a deal on Tuesday that will keep the San Jose Sharks in the city until 2051. The two parties officially announced a deal on Tuesday evening.

An agreement has been reached between Sharks Sports & Entertainment and the City of San Jose to keep the NHL team in the South Bay for the next 25 years, the Sharks announced in a press release Tuesday.

“The Sharks have been proud to play in San Jose for the last 30+ years and look forward to another 25 more,” President of Sharks Sports & Entertainment Jonathan Becher said in a statement. “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.”

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.

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The City of San Jose is facing a budget deficit of up to $35 million this year, which has fueled criticism of the deal.

Supporters of the agreement claim that keeping the Sharks in San Jose could generate billions of dollars over the next 25 years.

To finance the upgrade, the city might utilize bonds and taxes, although specifics on this approach have not been detailed.

SAP has been open since September 1993.

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Agreement reached to keep Sharks in San Jose through 2051

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