San Jose officials are poised to approve a deal keeping the city's NHL team downtown through 2051. The city would cover most of a $425 million renovation of the 32-year-old SAP Center while Sharks Sports & Entertainment would contribute $100 million. The agreement also requires the city and Sharks to begin planning a new arena by September 2027. City leaders propose financing through bonds and higher hotel taxes. Critics warn the plan leaves the general fund vulnerable amid a projected $35.6 million shortfall this year and a $52.9 million shortfall in 2026-27. Labor leaders demand a financing plan and community input before approval.
If approved by the City Council on Tuesday, the deal would keep the city's marquee hockey team downtown for the next 25 years. The city would pay a majority of the total $425 million required to renovate the 32-year-old SAP Center, while Sharks Sports & Entertainment would pay $100 million. The deal would also commit the city and Sharks to begin planning a new arena by September 2027.
City leaders say they could pay for the deal through bonds and higher hotel taxes, but that doesn't sit well with some people at a time where federal spending cuts will devastate critical social safety net services, such as food assistance and the public hospital system, serving San Jose residents. Jean Cohen, executive officer of the South Bay Labor Council, supports keeping the Sharks in town.
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