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UNM shops naming rights for The Pit

(AP) — 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 $60 million renovation done in 2010.

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