Madison Square Garden Entertainment (MSGE) entered into a non-binding memorandum of understanding with the master developer selected by Amtrak for the proposed redevelopment of New York's Penn Station, the company said in a late Monday filing.

Under the MoU, the parties acknowledged that the Madison Square Garden Arena must remain fully operational throughout any redevelopment work, the company said.

The agreement also contemplates the potential transfer of the Infosys Theater at MSG to the master developer, subject to further negotiations and definitive agreements, the company added.

The master developer, Penn Transformation Partners, is a consortium led by Halmar International and Skanska, according to the filing.