Dreamstyle Remodeling has acquired the naming rights to the University of New Mexico’s (UNM) American football stadium and basketball arena.

The home improvement firm, based near to the university in Albuquerque, has signed a 10-year agreement worth a total of $10m (€9.1m/£7.7m) to back the home venues of the New Mexico Lobos teams.

Under the deal, the football venue will be known as the Dreamstyle Stadium, while the basketball facility – known as The Pit – will now be called the Dreamstyle Arena.

The stadium opened in 1960 and currently has a seating capacity of just over 39,000. The Pit (pictured) has a seating capacity of 15,500 for basketball and up to 13,500 for concerts.

Funds raised through the naming deal will be split two ways, with $9m to support the UNM athletics programme, with a focus on American football and basketball, while $1m will be distributed to the university, with the initial beneficiaries being the UNM Children’s Hospital, the Anderson School of Management and Popejoy Hall.

Larry Chavez, owner of Dreamstyle Remodeling and a graduate of New Mexico, said: “The learning experience at UNM for myself and other management personnel in the company has been a significant element of our success and it’s our desire to repay the university in a big way.”

Paul Krebs, vice-president for athletics at UNM, added: “Larry Chavez and Dreamstyle have been wonderful members of our community for many years. Larry has a deep love for his university and Lobo Athletics, and this agreement not only benefits our department, but many other areas of the university.”

The Pit was recently officially recognised by the US Green Building Council for its environmentally friendly features.