Pizza chain drops $5M for naming rights to New Mexico's legendary basketball arena The Pit

ALBUQUERQUE, N.M. — One of college basketball's most beloved arenas is changing names.

The Pit in New Mexico will now be called the WisePies Arena.

WisePies Pizza & Salad, a local restaurant chain, donated $5 million to the University of New Mexico to secure the naming rights for The Pit for the next 10 years. The chain's name and logo will appear on signs outside the arena, on the court and on tickets.

The donation is the largest cash gift ever given to the athletic department. The money will be used to pay off debt on the arena's $60 million renovation done in 2010.

"From the time we first discussed the potential renovation of The Pit, we talked about the need for state and private support to make the renovation a reality," athletic director Paul Krebs said.

The Pit has been one of college basketball's iconic buildings since opening in 1966, often categorized with Duke's Cameron Indoor Stadium, Kansas' Allen Fieldhouse and Pennsylvania's Palestra among arenas with the best atmosphere.

Its subterranean design sets the playing floor 37 feet below street level, helping make The Pit one of loudest and most difficult places to play in the country.

Once the name change was announced on Monday, incredulous Lobos fans filled social media with a steady stream of profanities and disbelief.

Some Lobo fans said the name change amounted to disrespect for such a storied venue, while others said WisePies Arena would no longer hold the same kind of intimidation for visiting teams.

Athletic department spokesman Brad Hutchins said the criticism was expected but that the revenue from the naming rights is crucial.

"We certainly understand not everybody will like that, but we have a local company, a local New Mexican that helped us with this gift and we are proud to call it WisePies Arena aka The Pit," he said.

And since many fans have vowed to continue calling the arena The Pit, maybe little will change other than some signs.

The Pit played host to the 1983 Final Four and was the site selected for numerous regionals and first and second rounds over the decades for both men's and women's basketball.