Madison Square Garden was officially notified by the city of New York that their lease to operate on their current location has been officially limited to the next decade. The New York Council voted 47-1 yesterday to limit the lease as they want the venue to move to another location. This is because the city plans to expand and modernize Penn Station, the train station that sits underneath the property.
Madison Square Garden is owned by Cablvision and is in the middle in a self-financed renovation that has cost nearly one billion dollars. The current version of MSG opened in 1968 and is the fifth location for the venue since first opening in 1879.
The Garden has hosted the first SummerSlam, the first Elimination Chamber bout, three WrestleMania events and has hosted more WWF/WWE title changes than any other venue. For decades the Garden has been known as “the Mecca” of professional wrestling.