ALBUQUERQUE, N.M. (KRQE) – WisePies is hundreds of thousands of dollars closer to keeping it’s name on the University of New Mexico’s basketball arena for another year.

Owner of WisePies Pizza and Salad, Steve Chavez, wrote a $300,000 check to UNM this week. That is half of the $600,000 payment the company has to make by December 31st.

A spokesperson for Chavez tells KRQE News 13 they plan to pay the rest before that deadline.

Right now, the athletic department is sitting $1.5 million dollars in the red and are counting on those funds. The naming agreement was nearly two years go.

This December is the first of eight, $600,000 contributions owed by the company. WisePies came under fire after falling into tax and business trouble.

Chavez confirms he wanted to make this payment now to show they plan on sticking with the deal.