San Jose City Council Approves Sharks SAP Center Lease Through 2051

The San Jose Sharks have secured a 25-year agreement to remain in the city, with the San Jose City Council approving a deal that includes a $425 million renovation of the SAP Center, largely funded by the city. The Sharks, owned by billionaire Hasso Plattner, will contribute $100 million towards the upgrades, which will modernize the arena to current NHL standards and improve facilities for fans and performers. The SAP Center, owned by the city and home to the Sharks since 1993, will also continue to host a wide range of events generating significant economic impact and supporting thousands of jobs in San Jose. Mayor Matt Mahan highlighted the Sharks' importance to civic pride and the local economy, noting the arena's role beyond hockey with concerts and other events. The agreement includes plans to start designing a new arena by 2027 as part of a broader district development, although some local labor groups have expressed concerns about the city's funding strategy amid budget deficits. Overall, the partnership reflects a substantial public and private investment aimed at sustaining the Sharks' presence and enhancing San Jose's status as a premier entertainment destination.