INDIANAPOLIS -- The National Invitation Tournament and Madison Square Garden have reached an agreement that will ensure the NIT will remain in New York City through 2018.

A fixture in New York City and at Madison Square Garden since the tournament began in 1938, the NIT is the nation’s oldest postseason tournament. The agreement guarantees that the semifinal and championship games of the NIT will be played in New York through the 81st NIT Championship.

“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, 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 City for the semifinals and championship.

The 78th NIT Champion will be crowned on April 2. Tip-off for the 2015 Championship game is scheduled for 9 p.m.