Mike Johnson is reporting that the New York Council voted 47-1 yesterday to limit the lease on the current location of Madison Square Garden to end within the next decade. When the lease is up, the location of Madison Square Garden will have to be moved. This has been done so that the state of New York can expand and modernize Penn Station, which sits below the current location of Madison Square Garden.
Madison Square Garden, which is currently owned by Cablevision, is currently undergoing a self-financed renovation with a total cost of almost one billion dollars. The current location for Madison Square Garden is the third in its history with the current one opening in 1968. It has also been widely considered the most important venue in the history of the WWE, hosting three Wrestlemania events, the first ever Summerslam and featuring the most WWE Title changes of any other venue.
Source: PWInsider.com