The New York City Council notified the arena that it has 10 years to vacate its 45-year-old premises and find a new home, the Garden’s fifth since it opened in 1879.

Ten years should be enough time, officials said, for the Garden to find a new location and for the city to devise plans for an expanded Pennsylvania Station, which currently sits below the Garden, and the redevelopment of the surrounding neighborhood.

James L. Dolan, who controls the Garden, the Knicks and the Rangers, offered a low-key response to the news that barely acknowledged the 10-year deadline. Mr. Dolan expects to complete this fall a $968 million overhaul of the Garden, which has been closing in its off-seasons to accommodate the work.

“Madison Square Garden has operated at its current site for generations, and has been proud to bring New Yorkers some of the greatest and most iconic moments in sports and entertainment,” Mr. Dolan’s company said in a statement issued Wednesday afternoon. “We now look forward to the reopening of the arena in the fall of 2013.”

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While this news sounds pretty scary to me, i must admit i have no idea what relocating an arena consists in. Does it mean that the Garden will be disassembled from the current location and reassembled into a new one or it's going to be demolished plain and simple for a new one will be built? That $1 billion investment that's about to be completed soon gives me the creeps if it's just to last another decade.