Corporate sponsorships are common in college basketball it's a way to generate revenue for programs and could help with budget shortfalls. Just look around to conference foes and you will see the Save Mart arena at Fresno State or Viejas Arena at San Diego San Diego State which is named after the Viejas Band of Kumeyaay Indians. It was only a matter of time before the University of New Mexico would jump on board and sell the naming rights of the Pit.
On Monda, it finally happened as the University of New Mexico announced that they had reached an agreement with a local pizza chain named WisePies Pizza for the naming rights to University Arena, or the common name The Pit. The deal is for a $5 million cash gift to be paid out over the next 10 years through the newly established WisePies fund. The gift is the largest in program history and is the sixth largest cash gift overall to the university
In exchange for the gift, the company will have the naming rights for University Arena. WisePies will put their corporate logo on the court in the Pit and also on the external part of the building. The money will be used to support debt service incurred from the 2009-10 renovations of The Pit. The Lobos had been working on seeking sponsorship deal since 2013 with the initial asking price being $10 million over 20 years.