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WisePies makes Pit naming rights payment

WisePies Pizza & Salad has made good on its 2016 payment to University of New Mexico, according to the company.
The Albuquerque pizzeria chain owed the school $600,000 by Dec. 31 under the terms of its 10-year deal for naming rights to the school’s basketball arena, also known as the Pit.
The company had already paid half of it about two months ago and said it would turn over the rest by year’s end. A spokeswoman told the Journal Thursday that it had now completed the payment, and UNM Athletics Director Paul Krebs confirmed he was scheduled to pick up the check Thursday afternoon.
The $5 million agreement between WisePies and UNM involved an escalating payment schedule. After paying $100,000 each of the first two years, 2016 marked a steep increase to $600,000 per year.