The New York Council voted 47-1 yesterday to limit the lease as they want the venue to move to another location in order to expand and modernize Penn Station, the train station that sits underneath the property.
MSG, owned by Cablevision, is in the midst of a self-financed renovation that has cost nearly one billion dollars.
The venue has hosted more WWF/WWE title changes than any other venue as well as three Wrestlemanias, the first Summerslam, the first Elimination Chamber bout and many, many other important moments in WWE history.
The story has turned into a major story in the NYC area.
The current version of MSG opened in 1968. It is the third location for the Arena since the original opened in 1879.