The University of New Mexico has announced a new name for its arena, which is now known as Dreamstyle Arena. UNM and Dreamstyle Remodeling revealed their agreement on Wednesday.
Last week, UNM stated its intention to end its naming rights partnership with WisePies Pizza & Salad, meaning that WisePies Arena would be receiving a new name. The university made the decision in order to pursue a multi-facility naming rights agreement, and said that announcement of such a deal would be made in the future.
UNM revealed the scope of its naming rights agreement with Dreamstyle Remodeling on Wednesday. Along with obtaining the naming rights to the arena, Dreamstyle Remodeling will also see its branding applied to the school’s football facility, which was formerly known as University Stadium.
As announced by Dreamstyle Remodeling CEO Larry Chavez and UNM officials, the agreement calls for the university to receive $10 million over 10 years. The financial contribution is expected to extend beyond the athletics department. More from the Albuquerque Journal:
The $10 million includes $9 million for athletics, part of a contract forged with Lobo Sports Properties, a private entity to which UNM in 2013 licensed its multimedia and sponsorship rights. That company will get approximately $1 million of the Dreamstyle money, according to UNM Athletic Director Paul Krebs. (Read more here.)
Chavez is pledging up to $1 million to support other UNM entities, including initial recipients UNM Children’s Hospital, Anderson School of Management and Popejoy Hall. Chavez said that’s through a separate agreement with the University of New Mexico Foundation.
“What he has done is an example of dreaming big and dreaming in style and achieving those dreams,” UNM Acting President Chaouki Abdallah said at Wednesday’s news conference. “He’s now trying to impact the next generation of dreams to make UNM and Albuquerque as great as it can be.”
What will not be affected by the naming rights deal is the name of the arena’s basketball court, as it will still be known as Bob King Court. This is similar to the arrangement for the football stadium, where Branch Field will remain the name of the playing surface.
Chavez presented the initial $1 million payment during Wednesday’s announcement.
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