NIT staying in New York

Updated: July 23, 2012, 4:42 PM ET
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.

Copyright 2012 by The Associated Press