NMSU Scores $13M Deal
White Sands Federal Credit Union pays $1.2M upfront in 10-year naming rights contract for Pan Am Center
New Mexico State University has agreed to a naming rights deal with White Sands Federal Credit Union for the Pan American Center, with the financial institution paying $13 million over 10 years. The facility will be renamed White Sands FCU Arena at the Pan American Center.
The deal, which starts at $1.2 million in the first year and increases to $1.57 million in the 10th year, has a total fee of $13,756,655. The NMSU Board of Regents is scheduled to meet to formally present the deal, which has already been approved and recommended by an ad hoc naming committee.
The athletics department will receive the entirety of the money from the deal, which will be put into the overall operating budget for athletics each year. This is a significant development for the university, as the Pan American Center has historically been under the direction of the university's Special Events Department.
## What it means The deal is a major boost for the athletics department, which will receive a significant influx of funds over the next decade. The renaming of the facility to White Sands FCU Arena at the Pan American Center will also provide increased visibility for the financial institution.
## Background The Pan American Center has been home to Aggie men's and women's basketball and volleyball, and will continue to host concerts and other special events. The deal is similar to one announced earlier this year by the University of New Mexico, which sold the naming rights to the Pit to Nusenda, a statewide credit union, for $17.4 million over 10 years.
The agreement between NMSU and White Sands Federal Credit Union is set to be formally presented to the NMSU Board of Regents, and is expected to be approved. The deal will provide a significant source of revenue for the athletics department, and will help to support the university's athletic programs over the next decade.
## What happens next The NMSU Board of Regents will meet to formally present the deal, and is expected to approve the agreement. Once approved, the facility will be renamed White Sands FCU Arena at the Pan American Center, and the athletics department will begin receiving the funds from the deal. The university will also begin to promote the new name of the facility, and will work to increase visibility for White Sands Federal Credit Union.
