Sharks, City of San Jose close to finalizing new long-term lease deal for SAP Center

SAN JOSE The San Jose Sharks are on track to continue to play their home games at SAP Center the same arena they ve called home since for at least another quarter-century The Sharks and the City of San Jose publicized Saturday that they are nearing a new lease agreement to keep the NHL franchise at the municipally owned downtown arena for another years The Sharks and San Jose Mayor Matt Mahan broadcasted the framework of the deal which still has to be approved by council at a State of the City event just east of the arena Financial details were unavailable but Mahan explained the city will invest significantly in the -year-old facility as part of the lease agreement Mahan mentioned he expects the deal to be approved by council next month The Sharks the arena s primary tenant say they ve sunk tens of millions of dollars into the building but wished the city to contribute to the cost of non-revenue-generating upgrades such as to the facility s aging plumbing In a short speech Saturday Jonathan Becher president of Sharks Sports Entertainment commented We are thrilled to be finalizing a partnership with the city to reinvest in the SAP Center so it can serve the next generation of San Jose residents and draw millions of visitors from all over the Bay Area and beyond Mahan s long-term goal is to create a downtown sports and entertainment district near the arena and expand the convention center so that the city can host more critical events Sharks for the last years you ve helped define San Jose s identity Mahan commented Saturday I can t wait to watch you continue to do so on and off the ice for the next The Sharks craved to negotiate a new long-term lease with the city The present deal signed in called for the Sharks to play their home games at the facility on a fixed term through July with the lease renewing annually through thereafter Related Articles Barracuda forward expresses frustration with Sharks They know where I stand San Jose Sharks sign another member of draft class San Jose Barracuda experiences bitter ending to otherwise positive season After lottery should Mike Grier try to acquire the Islanders No pick for Sharks Sharks Eklund has surgery could he soon be in line for a major payday Without a new deal the city could have potentially charged the Sharks more each year to lease the facility But Becher had become increasingly upbeat about the state of negotiations saying last month that We re way past being pessimistic or cautiously optimistic We will get something done Becher revealed SS E had contingency plans for a new home rink in occurrence negotiations with the city on a new lease agreement at SAP Center fell through However the organization led by owner Hasso Plattner dependably yearned to remain at the arena long dubbed the Shark Tank which has a seating limit of for hockey Please check back for updates to this story