In 2005, the NCAA and the Metropolitan Intercollegiate Basketball Association (New York University, Fordham University, Manhattan College, Wagner College and St. John's University (New York)) agreed to terms that enabled the NCAA to purchase the rights to and operate the preseason and postseason National Invitation Tournaments (NIT)
The MIBA owned the NIT events since the 1940s. Madison Square Garden has been the site of the finals for the postseason NIT since its inception in 1938, and continues to host the preseason and postseason events.
ESPN continues to broadcast the tournaments.
At the time of signing, the agreement called for the finals of the tournaments to be held in the New York City area for at least five years.