Regional
12:20 pm
Wed July 10, 2013

UNM Shops Naming Rights For "The Pit"

For the right price, the University of New Mexico may be willing to put a different name on The Pit, its basketball arena.

New Mexico athletic officials say they're hoping a company or family would be willing to buy the naming rights for the arena for an amount like $10 million or $15 million.

According to university officials, the extra cash would help New Mexico shoulder its $3 million annual burden of paying off debt on the facility's renovation in 2010.

Deputy Athletic Director Tim Cass says the university has had to cut costs and take money from other sources to cover that debt.

As for the current name, officials say they understand its popularity and hope to incorporate "The Pit" in a future naming-rights deal.

Copyright 2013 The Associated Press.