On top of the current deal, it means Steelers fans are set to see their team play at the venue until at least 2030.
And it comes with the blessing of Sheffield City Council.
Sheffield Steelers signed with Sheffield City Trust, which currently runs the building and has announced it will be handing the venue and other facilities back to the council in two years time.
But the deal will be honoured - the city council has approved it every step of the negotiation, says SCT’s Dom Stokes, Head of Live Events and Venues and the General Manager of the Utilita Arena Sheffield.
The partnership will enable both parties to continue making investments to improve business in the long term and ultimately improve the match day experience both on and off the ice.
It is a continuation of a long-term commitment between the Steelers and the Arena, which has allowed both parties to build and grow a strong and prosperous partnership.
In practical terms they say it will continue to improve dialogue regarding ice availability at Utilita Arena Sheffield, a commitment to a healthy commercial return from hospitality and suites and working together to develop new merchandise and specific food and drink initiatives.
Dom said: “The Arena is the House of Steel and always will be the House of Steel.
"For over 30 years the Sheffield Steelers have been the heart, soul and energy of our magnificent venue and this announcement just reaffirms that legacy and more importantly the future.
“Over the past five years Tony and I alongside our ridiculously talented teams have worked hard, despite all the challenges we have faced, to ensure we put the best possible live event experience on and off the ice. Our unique relationship means we are undoubtedly the number 1 partnership in UK Ice hockey and in my humble opinion Europe.
“We will continue to work as one to ensure the Steelers and the Utilita Arena Sheffield are seen as innovators and leading lights in the world of Ice Hockey and Live Events and everyone associated with our club whether it is supporters, players, staff, sponsors or stakeholders gets the experience they deserve.”
Tony Smith, Managing Director at Sheffield Steelers said: “I’m delighted to be confirming this agreement with Sheffield City Trust, a seven-year contract extension means 8 seasons of stability for the Sheffield Steelers.
“When my family took over the ownership of this great club stability was the most important thing we had to achieve, how else can a business and a club grow. Over the years working alongside Sheffield Council, SIV and now the City Trust we have been able, year on year, to work closer together for all our benefits.
“This agreements cements months of negotiations of positivity on both sides, the Steelers are an important brand within the City of Sheffield, as well as an important core tenant of the Arena. Without the Arena the Steelers cannot operate let alone continue to promote and grow their business and audience to the people of South Yorkshire.
“The stability this agreement gives the club will allow us to continue the excellent work and commitment we have shown over the last decade. A commitment to invest in our product both on and off the ice ensuring that a night with the Steelers remains and continues to be the best night out in Sheffield.
“That we give our fan base a safe home environment where everyone is welcome to enjoy both the sporting combat and entertainment excitement of the sport of ice hockey and the Steelers brand.
“We thank all involved in these negotiations and look forward to this close partnership continuing and growing in the years ahead.”