ALBUQUERQUE, N.M. (KRQE) – It looks like another failed naming rights relationship for the University of New Mexico. Three years after Dreamstyle Remodeling struck a ten-year, $10-million deal for naming rights at The Pit and the football stadium, it’s over. Now, the signs have come down. The signs for Dreamstyle started to come down all because of a payment dispute.
“There’s some outstanding payments that are needing to be made by Dreamstyle,” said UNM Athletics Director, Eddie Nunez. “Dreamstyle feels like their agreement with UNM wasn’t with UNM, [it] was with our third-party multimedia rights holder and unfortunately they have not paid over the past several years.”
UNM claims Dreamstyle owes them about $1.9-million.
Larry Chavez, the owner of Dreamstyle Remodeling, couldn’t interview the day KRQE News 13 requested but Dreamstyle said in a statement that they asked UNM to participate in a formal mediation to resolve the issue but said UNM declined.
“So to say that you’re looking away, turning away money, well we haven’t received money,” said Nunez. “So it’s hard for me to sit here and say, what am I giving away from the future what I haven’t received what we were due for the past.”
Dreamstyle took over the naming rights in 2017 after WisePies Pizza agreed to walk away from their naming rights agreement at The Pit to make room for Dreamstyle’s bigger deal. WisePies only had their naming rights agreement for three years.
“I think if someone is not living up to paying the money then there’s no need to fulfill the other end of the deal,” said a UNM student who didn’t want to be identified.
Students said this could lead to different partnership opportunities for UNM.
“I think it’s probably a next step for UNM to extend their partnerships with others,” said UNM students Ahmed and Aidan, who didn’t want to give their last names. “I mean, that’s pretty unfortunate but then again it could be a good thing.”
Dreamstyle said that they hope they can come to a resolution and continue supporting UNM.
UNM said it’s a little premature to start looking for any future naming rights agreements, but adds that they are always looking for partnerships to bring in revenue for the University and athletic programs.