According to articles by The New York Post and Bloomberg, Madison Square Garden will be rebuilt and renovated in costs estimated at $500 million. Renovations for the lower bowl of the “world’s most famous arena” will be completed before the 2011-2012 basketball and hockey seasons, while work will being on the upper half of the arena a year later.

You can view the articles below:

* The “new” MSG (The New York Post)

* Garden to Be Rebuilt With Yankees Ballpark in Mind (Bloomberg)