ALBUQUERQUE, N.M. (KRQE) – The Pit is getting a new name, again.
The University of New Mexico is pulling the plug on the WisePies deal, saying it has found a better one.
The WisePies signs are still up everywhere but they won’t be for long. The move comes only two-and-a-half years into the 10-year, $5 million name rights deal with the startup pizza chain.
In a news release, UNM says it has a new naming rights deal on the table for The Pit and at least one other sports facility.
KRQE News 13 asked the athletic department who it is, how much it’s for, and if it will be for the football stadium too.
UNM said that will all come out officially in the near future.
Students KRQE News 13 spoke to have their own ideas.
“I think it would be cool to have something a little more prestigious, but what I’m not sure,” student Armin Day said.
“I would like them to keep it local, some new local sponsorship and maybe New Mexico related,” student Craeme Chiasson said.
WisePies agreed with UNM’s request to end the deal. In the end, the owner ended up paying $800,000 of the $5 million.
The deal was backloaded.
The owner of WisePies says he was happy to step aside if the school found a better deal. No word yet on when all the WisePies signs will be coming down.
WisePies had plans to quickly open a couple dozen restaurants after the naming rights deal was signed, but the company has not grown as planned.