UNM Skybox Rent Discrepancy

Susan Montoya Bryan/AP – The Pit
At the University Of New Mexico in Albuquerque.

University of New Mexico officials said July 10 that hundreds of thousands in skybox revenue from the school’s basketball arena, nicknamed “The Pit,” has yet to be collected.

Officials revealed that information during a news conference, saying there are “inconsistencies” involving arena suite contracts. New oversight of athletic department finances has since been implemented.

Staff are in the process of collecting about $432,000 owed for skybox rental from 2010 to 2017. Why that money wasn’t collected is under investigation.

The skybox rental fees were to help pay for the arena’s $60 million renovation done eight years ago. The project included 40 luxury sky boxes, bigger concourses, a new façade and more concessions, according to KRQE-TV.

Authorities said the discrepancies allegedly happened during previous Athletic Director Paul Krebs’ tenure. They were discovered through news media’s public records requests and two ongoing state investigations into the department’s general spending and a golf trip to Scotland two years ago.

“I believe we owe the suite holders an apology for our poor business practices, but ultimately we owe the fans an apology,” Interim Athletic Director Janice Ruggiero told KRQE. “At the end of the day it’s public money and we’re responsible for it.”