The home of New Mexico Lobos basketball will no longer be known as “Wise Pies Arena.” Last week, the University of New Mexico made it official stating that Wise Pies owner Steve Chavez and Paul Krebs came to an agreement to let go of the sponsorship the company gave to the arena in 2014. The deal was originally worth five million dollars for ten years, but only reached 800,000 dollars with well over seven years left on the deal.
Despite the departure, the parties will leave on good terms. “We have enjoyed our partnership with UNM Athletics,” said Chavez via the Albuquerque Journal. UNM will continue to sell Wise Pies pizza at events held at The Pit.
This would be the second off-season move by Krebs that has pleased fans, the first being the departure of head basketball coach Craig Neal. Just six days following the relinquish of Wise Pies, the University has found a new sponsorship, Dreamstyle Remolding Inc. The company is ran out of four different states and owned by UNM graduate Larry Chavez.
The deal is worth $10 million and is good through 2027. Payments to the school will be made annually and with $1 million already being paid on Wednesday. Talks of the new deal originated this past summer, but did not become official until Wednesday afternoon.
The naming rights will be for both the basketball arena and the football stadium. Having the same naming rights for both major sports programs will have a much better look versus having separate names. Official names for the venues will be announced in the coming months.
Chavez has plans on doing renovations for both of the programs. This deal will most likely have a much better outcome for the fans, as well as Chavez and the University. The New Mexico faithful will always cherish the prestige of “The Pit’s” name, but this could be just as pleasing. Having a remolding company sponsor the University could give a much needed flare to Lobo athletics.