Muhammad Ali victory in federal court forced the New York State Boxing Commission to reinstate Ali's license. He fought Oscar Bonavena at Madison Square Garden in December, an uninspired performance that ended in a dramatic technical knockout of Bonavena in the 15th round. The win left Ali as a top contender against heavyweight champion Joe Frazier. Ali and Frazier's first fight, held at the Garden on March 8, 1971, was nicknamed the "Fight of the Century", due to the tremendous excitement surrounding a bout between two undefeated fighters, each with a legitimate claim as heavyweight champions. Veteran boxing writer John Condon called
Madison Square Garden oldest arena in the National Hockey League and the second-oldest arena in the National Basketball Association. In 2016, MSG was the second-busiest music arena in the world in terms of ticket sales, behind The O2 Arena in London. Including two major renovations, its total construction cost is approximately $1.1 billion, and it has been ranked as one of the 10 most expensive stadium venues ever built. It is part of the Pennsylvania Plaza office and retail complex, named for the railroad station. Several other operating entities related to the Garden share its name. Madison Square is formed by the intersection