The National Invitation Tournament and Madison Square Garden have reached an agreement that will keep the NIT semifinals and championship in New York City through 2018.

The famed New York arena has been the host of the basketball tournament’s final round since the event began in 1938. The NIT is the nation’s oldest postseason tournament.

“The NIT and Madison Square Garden have a long and tremendous history and this agreement ensures that the 80th anniversary of the event will be celebrated in ‘The World’s Most Famous Arena’ where it belongs,” said Dan Gavitt, NCAA vice-president of men’s basketball championships.

“We are excited to continue our relationship with the NIT,” said Joel Fisher, executive vice-president of MSG Sports. “The Garden has been hosting the season-ending tournament since its inception and is thrilled to continue providing the opportunity for student-athletes to win a championship on the famed Garden court.”

The first, second and quarterfinal rounds of the NIT are played on campus sites before the event moves to New York for the semifinals and championship.