ALBUQUERQUE, N.M. (KRQE) – The University of New Mexico will no longer host the Gathering of Nations.

The Pit has been the home to Gathering of Nations for a long time. However, the school announced on Wednesday that UNM has decided against continuing to host the event.

“The PowWow has a rich tradition that UNM has shared for more than 30 years,” UNM Executive Vice President David Harris said. “We understand that other venues, such as Expo New Mexico have expressed an interest in hosting future events, and we offer our support in helping make the transition to a new site.”

Authorities say the decision is financial and operational. The Director of Media Relations says, “The University is facing tough budgetary constraints, hosting the PowWow had become prohibitively costly to our athletic department, as well as risk services, police and security, and other university operations.”

Mayor Richard J. Berry is set to meet with event organizers Thursday to discuss venue options for the event in Albuquerque.