San Jose, CA–Today, according to the City of San Jose’s Mayors Office that the San Jose Sharks and city have a reached an agreement to change it’s current the HP Pavilion to the SAP Center.
According to current HP CEO Meg Whitman, she made mentioned that she wanted her company to terminate the arena naming deal months ago. Current Sharks Majority owner Hasso Plattner is the founder of SAP so the name fits for the new arena.
The agreement has been set for a five year time span. Financial responsibilities will be a split between the San Jose Sharks and City of San Jose.
Each year, the Sharks will be paying $1,675,000 over the next five years. The total amount that the organization is to pay out in revenue costs, is $8,375,000 according to city officials.
It still has yet to be approved by the San Jose’s Council members. The vote is expected later today.
Prior to it being called the HP Pavilion, in 2002 the arena’s name was known as the Compaq Center. When Compaq was bought Hewlett Packard, the name of the Shark Tank was changed to HP Pavilion.
Below is the official agenda release by the city council.
4.3 Actions Related to the Arena Naming Rights.
(a) Adopt a resolution authorizing the City Manager to negotiate and execute an agreement between HP, San Jose~ Arena Management and the City of San Jose to terminate the current naming rights agreement for the San Jose~ Arena; HONORABLE MAYOR AND CITY COUNCIL
June 4, 2013
Early Distribution Packet
(b) Approve a five year Naming Rights Agreement by and between SAP Global Marketing, Inc., San Jose Arena Management, LLC and the City of San Jose for the naming of the San Jose Arena to SAP Center at San Jose for an annual payment to the City of $1,675,000, with total revenues to the City for a total amount of $8,375,000 over five years.
CEQA: Not a Project, File No PP10-066(e), Services that involve no physical changes to the environment. (City Manager’s Office)
***Cities agenda excerpt courtesy of NBC Bay Area.***
Be sure to follow all of your BoT staff on twitter!!!
Blades of Teal: Tape to tape “WITH THE PASS” of expert analysis on San Jose Sharks, Worcester Sharks, and San Francisco Bulls hockey