Madison Square Garden is an iconic sports venue and the home to many memorable NBA and NHL moments, but a recent decision by the New York City Council means that MSG will soon have to find a new home. The owners of Madison Square Garden were seeking an extension in perpetuity to the special operating license at its current location, but the Council voted to extend the license for only 10 years. MSG will be forced to move to a new location as city officials move forward with plans to build a new Penn Station. The decision has been described as "an eviction notice of sorts" for MSG by Charles V. Bagli of The New York Times.
Madison Square Garden has moved locations four times since it opened in 1879, but the current home of the New York Knicks and New York Rangers has lasted at its present spot for 45 years. When news of plans to rebuild Penn Station broke in 2008, James Dolan and the Madison Square Garden Company announced a $1 billion renovation project for MSG, which is expected to be complete in the fall of 2013. Madison Square Garden Company stock fell 1.5 percent on Wednesday, but the official vote on the extension of the permit apparently didn't come until after the closing bell.