| | NEW YORK -- Madison Square Garden, one of the nation's most
famous arenas, may be torn down and replaced by a new facility with
luxury suites.
A decision on the current building, which was renovated for more
than $200 million less than a decade ago, is expected by the end of
this year.
Construction of a new facility on the current site could force
temporary relocation of the New York Knicks and New York Rangers.
"We think New York, being the No. 1 sports market in the U.S.,
deserves to have the very best in terms of an arena," said James
Dolan, the head of Cablevision and chairman of Madison Square
Garden. Cablevision owns the Knicks and Rangers.
"It has been the best, but it's beginning to age," Dolan said.
"We want to explore all the possibilities, but I do think we're
going to end up with a new Garden."
The current Garden opened in 1968; a 2½-year
renovation was completed in 1991. The Garden has been at three
other buildings in three locations since it first opened in 1879.
The new building could go up on the current site above Penn
Station, or at a new site closer to the Hudson River on Manhattan's
West Side.
The Garden is the nation's busiest sports arena. Last year, it
hosted more than 600 events from the Knicks and the Rangers to
concerts and the circus.
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