The University of Washington has sold the naming rights to its basketball arena at Hec Edmundson Pavilion to Alaska Airlines.

The University of Washington has sold the naming rights to its basketball arena at Hec Edmundson Pavilion to Alaska Airlines.

The naming rights package is valued at more than $600,000 per year for five years. Bank of America previously paid $500,000 a year for 10 years to have its name on the university arena. The arena now will be called Alaska Airlines Arena at Hec Edmundson Pavilion.

UW’s Board of Regents approved the deal on Thursday. It includes $400,000 a year in cash, some free travel from the airline, and related marketing and advertising buys.