The New York Knicks may have a new arena to play in by 2028, as the New York City Planning Commission has only approved a 5-year extension to continue operations at the historic Madison Square Garden. The approval is 5 years shorter than the typical 10 years granted by the planning committee.
Madison Square Garden has been operational over Penn Station since February of 1968, making it one of the oldest buildings in that area. James Dolan has been operating the Mecca of basketball as the CEO of Madison Square Garden Sports since 1999, the year they last made the NBA finals.
Much has been said about his way of operating the arena and the team, with them struggling to make the playoffs in his tenure.
Now the city planning committee has decided to spend $7 billion to renovate the world-famous Penn Station, one of the most active stations in the state. Operations for the city through this station have been difficult, and they've decided to make sure renovations are made so that the city can breathe.
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What is the future of the New York Knicks?
James Dolan has always stood his ground, not backing down when the 10-year permit was running down as well. Activists have been protesting to tear down the arena, allowing the expansion of the station.
There have been multiple plans to expand the Penn Station while keeping MSG where it is, but the plan approved by the committee sees the majority of the station out of the basement. This means that the New York Knicks will have to move, once this final lease approval expires.
Where will the Knicks go? There are multiple options for them at the moment, none of which are appealing to Dolan. The option is to move across town and go west. Moving out of Manhattan would plummet the values of MSG, the Knicks, and the Rangers, something that a CEO will not want for his company.
Only time will tell how Dolan will manage this scenario and whether the New York Knicks will play in a new venue starting in 2028.
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