UNM asks WiesPies to give up naming deal
ALBUQUERQUE — The University of New Mexico announced Thursday its plans to do away with a naming rights agreement it had with WisePies Pizza & Salad, a 10-year, $5 million deal that put the local eatery’s name on The Pit. That decadelong agreement lasted less than 30 months. The school issued a news release indicating it has a multifacility naming rights deal on the table and intends to make an announcement in the near future. UNM has asked WisePies to relinquish the current naming rights as it attempts to move forward with its new branding.
The request, made by the school’s athletic department, is pending approval from the UNM board of regents.
The new agreement will allow for multiple athletic facilities to fall under the same naming rights agreement. Exactly what facilities will be involved and what company brand the new accord refers to has not been revealed by UNM.
WisePies purchased the naming rights to The Pit on Dec. 1, 2014, in a back-loaded deal that called for the restaurant chain to pay $4.8 million over the final eight years of the contract but only $100,000 in both 2014 and 2015.
It would then be required to pay $600,000 annually each Dec. 31 through 2023.
UNM agreed to formally change the name of University Arena, commonly known as The Pit, to WisePies Arena. It was a wildly unpopular move in which fans were harshly critical of altering the name of the state’s most visible sports facility.
The arena hosted the 1983 Final Four won by North Carolina State. It has also been the home to Lobo basketball since its opening in 1966, not to mention dozens of highprofile events that range from concerts to the annual PBR Ty Murray Invitational bull riding event.
“I want to thank [WisePies co-owner] Steve Chavez and WisePies Pizza & Salad for stepping up in 2014 and showing the state of New Mexico that naming athletic facilities is a viable and valuable asset for businesses in our community,” said UNM athletics director Paul Krebs in the press release. “It really helped pave the way for Santa Ana Star Field for our baseball team and our upcoming agreement.”
The school’s baseball facility, formerly known as Lobo Field, was re-christened Santa Ana Star Field in a recent naming rights deal.
The pending termination of the WisePies agreement means the chain paid only $800,000 of the $5 million it was originally slotted for.