SAN JOSE – An agreement that extends Sharks Sports & Entertainment’s lease at SAP Center to 2051 and commits hundreds of millions of public dollars towards modernizing the 32-year-old arena was approved by council on Tuesday.

The deal binds the city to a $325 million investment into the municipally owned facility, with the Sharks, who are owned by billionaire Hasso Plattner, contributing $100 million. The agreement also penalizes the Sharks should they leave San Jose before the lease expires on June 30, 2051.

The agreement also commits the city and the NHL franchise to begin planning a new arena by September 2027, which city planners foresee anchoring a district that includes retail shops, restaurants, and hotels.

After a lengthy negotiation, the Sharks and the city announced on A

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