San Jose Sharks Confirm Naming Rights Deal with SAP
By iSportconnect | July 10, 2013
National Hockey League (NHL) franchise the San Jose Sharks have confirmed that German software company SAP have agreed naming rights terms for their home arena.
The deal required an agreement between the Sharks and the City of San Jose and as a part of the deal, the city will receive $1.675m annually in what is a five year deal.
SAP has bought out the final two years of the contract held by former rights holder Hewlett-Packard (HP) and the stadium will now be called the SAP Center.
“Sharks Sports & Entertainment is pleased to be extending our partnership with SAP to include the naming rights of this magnificent sports and entertainment venue,” said John Tortora, chief operating officer, Sharks Sports & Entertainment.
“We want to thank the City of San Jose for allowing us the opportunity to not only enhance the fan experience but for also ensuring that SAP Center will continue to be one of the premier sports and entertainment facilities in the world.”
Bill McDermott, co-CEO, SAP AG added: “The SAP Center is the sports, cultural and entertainment center for the entire San Jose community.
“As we continue to grow our presence in Silicon Valley, SAP is honored to join the City and the Sharks in continuing the competitive spirit, special traditions and proud legacies that bring the arena to life.
“Together, we plan to create an innovative ‘think tank’ using technology to enhance the fan experience and help create memories that last a lifetime.”
In addition $375,000 per year will be directed into the Sharks Foundation, who work hard to enhance the lives of young people and their families in the area.