The City of San Jose has struck a proposed lease agreement with the San Jose Sharks to modernize the city-owned SAP Center and keep the professional hockey team there through the 2050-51 season, city and team officials announced.
Sharks owner Hasso Plattner said he will invest at least $100 million to update the city-owned arena nicknamed “The Shark Tank.” The city didn’t disclose how much it would commit. The San Jose City Council will vote on the deal on Aug. 26.
While the Sharks have won six division titles since 1993, the team finished last in the National Hockey League’s Pacific Division in 2024-25 with a record of 20-50-12.
“Our world-class team deserves a world-class arena and South Bay fans deserve a modern, smooth, and memorable gametime experience,” Mayor Matt Mahan said in a news release. “That’s what this deal is all about — serving this generation of San Joseans and the next.”
Under the proposal, Sharks President Jonathan Becher said, the city would agree to “tackle years of deferred infrastructure maintenance in the arena.”
City Manager Jennifer Maguire hailed the proposed amended lease agreement as a “revitalized partnership between the City of San Jose and the Sharks Sports & Entertainment, whose stewardship of the SAP Center has kept it an economic catalyst for the city, filling hotel rooms, driving patrons to downtown restaurants and boosting local businesses.”
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