San Jose has approved an agreement for the renewal of the Sharks' lease until 2051

• The agreement includes investments in the city of 325 million dollars.
• The team will remain in San Jose until 2051.
• A new lease is planned until the end of 2027.

San Jose, California – The San Jose City Council has unanimously approved an agreement that provides for the renewal of the Sharks' lease and the team's continued presence in the city until 2051.

Mayor Matt Mahan and all 10 council members supported the agreement, which obligates the city to invest 325 million dollars in the modernization of the 32-year-old SAP Center, which belongs to the city. The owner of the team, Hasso Plattner, also contributed an additional 100 million dollars. Over the last decade, the partner has already invested over 100 million dollars in improving the lease.

According to the agreement, the Sharks will incur a penalty if they leave the city before the end of the lease term on June 30, 2051.

In addition, the Sharks and the city of San Jose will begin planning for the new lease by the end of 2027.

The Sharks were founded in 1991 and moved to their current arena in downtown San Jose in 1993.

Team president Jonathan Becker stated: "The Sharks will be playing in San Jose for over 30 years and with no interruptions, they are looking forward to another 25 years. We have consistently invested our own funds in supporting the SAP Center and intend to continue this work. This partnership with the city of San Jose brings very necessary improvements for fans, the team, and performers."

Tags: USA/Sport/Hockey