According to the New York Times, last night the New York City Council voted 47 to 1 to extend Madison Square Garden’s special operating permit for a decade — not in perpetuity, as the owners of the Garden had requested.
Here's City Council Speaker Christine Quinn on the vote…
“This is the first step in finding a new home for Madison Square Garden and building a new Penn Station that is as great as New York and suitable for the 21st century. This is an opportunity to reimagine and redevelop Penn Station as a world-class transportation destination.”
The Dolan family has sunk nearly $1 billion in renovating "The Garden" over the last three seasons to bring one of the oldest arenas in the NHL up to today's standards.
In the past, a move across the street to the James A. Farley Post Office was considered an option as well, before the Dolans ultimately decided to stay put and renovate the Garden at its current location.
Deadspin adds that when the permit comes up again, MSG will have the right to re-apply.
If MSG is forced to move it'll be the fifth location for the "World's Most Famous Arena."
…after spending almost a billion dollars there is no way the Dolans are going down without a fight. I can't imagine they're used to hearing the word "no" too often, so don't expect this to go away anytime soon.
…having said that, the Dolans always knew there was a real possibility of this happening so they really don't have anyone to blame but themselves if they are forced to move and essentially throw away $1 billion.
…if you think ticket prices are high now, I can't even comprehend what they'll be if the Dolans need to finance another brand new arena. Ugh.