Overview
- Mayor Matt Mahan and all 10 council members backed the agreement, which locks in the team through June 30, 2051 and requires the Sharks to pay $100 million.
- The city expects to issue a $350 million bond in five $70 million tranches from 2027 to 2031, with options that include short‑term commercial paper, higher hotel taxes or a general obligation bond.
- Sharks Sports & Entertainment will cover any cost overruns, the city owes no payments in 2026 as the team fronts near‑term costs, and both sides will contribute $32 million for capital maintenance.
- Renovations will span seven years and include wider concourses, new premium seating and upgraded back‑of‑house facilities, alongside parking requirements totaling at least 9,525 spaces within a half mile.
- The deal introduces steep penalties for noncompliance or early exit, and follows labor leaders’ calls for clear financing details as the city faces deficits of $35.6 million this year and $52.9 million next year.