An agreement between San José and Sharks Sports & Entertainment promises to keep the NHL franchise in the city until 2051 while investing hundreds of millions of dollars to upgrade and modernize the SAP Center.

The agreement — scheduled for City Council approval later this month — would commit the city to providing $325 million of the overall $425 million investment and impose stiff penalties on the Sharks should they leave the city.

“For more than 30 years, Sharks Sports & Entertainment has proudly represented the City of San José and its residents, bringing world-class sports and diverse entertainment events to SAP Center at San José, one of the City of San José’s greatest economic generators,” Sharks Sports & Entertainment President Jonathan Becher said in a statement.

“On August 26,

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