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High Quality Content by WIKIPEDIA articles! The National Invitation Tournament (NIT) is a men's college basketball tournament operated by the National Collegiate Athletic Association. There are two NIT events each season. The first, played in November and known as the Dick's Sporting Goods NIT Season Tip-Off (formerly the Preseason NIT), was founded in 1985. The second, the original NIT, is a post-season tournament played in March and April that is now called the MasterCard NIT; it was founded in 1938. In both cases, the final rounds of the tournament are played at Madison Square Garden in New York City. In both common and official usage, "NIT" or "National Invitation Tournament" refers to the post-season tournament unless otherwise qualified. Both the pre- and post-season tournaments were operated by the Metropolitan Intercollegiate Basketball Association (MIBA) up until 2005, when they were purchased by the NCAA.