SAN JOSE LEADERS have approved a deal to keep the Sharks in town through 2051 — including a $351 million subsidy for arena upgrades. Critics question how the city plans to finance the proposal during a structural budget deficit.
The City Council on Tuesday voted unanimously in support of a deal that would keep the city’s marquee hockey team downtown for the next 25 years. Officials agreed to pay a majority of the total $425 million required to renovate the 32-year-old SAP Center, while Sharks Sports & Entertainment will pay $100 million. The deal also commits the city and Sharks to begin planning a new arena by September 2027.
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