Madison Square Garden's owner, Cablevision Systems Corporation, will spend $500 million to renovate the arena. According to The New York Daily News, the arena's overhaul will include: 20 courtside suites with kitchens and lounges, a party deck, wider concourses, luxurious corporate boxes, more restrooms, and two 10th floor bridges that have overhead views of the main floor.
Although Cablevision is reported to be allegedly paying for all of Madison Square Garden's upgrades, some are skeptical about the cable company's plan to foot the entire bill. Skeptics are citing the precedents set by the exorbitant amount of government funds that were used to assist in the construction of the new Yankee Stadium, and of Citi Field. Whether or not the government will ultimately kick in funds to help in the Garden's renovation remains to be seen. The stadium's new look is expected to be partially unveiled by the 2011-2012 sports season.