The Knicks and Rangers will have to find a new home in 10 years, after New York City officials ruled to have the iconic Madison Square Garden relocated.

The NYC Council voted 47 to 1, to extend the Garden's special operating permit for another decade -- not permanently as the owners of the Garden had requested, The New York Times reported Thursday. Officials said 10 years should be sufficient time for the venue to find a new location and for the city to work on plans to expand Pennsylvania Station, which is positioned below the Garden, and redevelop the surrounding neighborhood.

"This is the first step in finding a new home for Madison Square Garden and building a new Penn Station that is as great as New York and suitable for the 21st century," said Christine C. Quinn, the City Council speaker. "This is an opportunity to re-imagine and redevelop Penn Station as a world-class transportation destination."

The decision isn't necessarily final, however. Civic leaders in NYC have pushed for the renovation of the transportation terminal for years, but have failed in the past due to the vagaries associated with the multi-billion dollar project. Several obstacles could potentially foil the latest attempt to revamp the site over the next 10 years, most notably changes in city's political leadership.

James L. Dolan - who controls the Garden, the Knicks and the Rangers - offered a tepid response to the news, though barely acknowledging the 10-year deadline. Dolan expects to complete a $968 million overhaul of the Garden this fall, which has been closing in its off-seasons to accommodate the work.

"Madison Square Garden has operated at its current site for generations, and has been proud to bring New Yorkers some of the greatest and most iconic moments in sports and entertainment," Dolan's company said in a statement, issued Wednesday. "We now look forward to the reopening of the arena in the fall of 2013."