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Friday, July 20, 2012
Updated: July 23, 4:42 PM ET
NIT staying in New York

Associated Press

INDIANAPOLIS -- The NIT is staying at Madison Square Garden.

The NCAA, the NIT and the Madison Square Garden Co. announced a three-year agreement to keep the NIT Season Tip-Off semifinals and title game at the New York arena along with the season-ending tournament in April.

First held in 1938, the NIT is the oldest postseason college basketball tournament in the country. Pairings for this season's Tip-Off will be announced by mid-August.