The UW Board of Regents will be asked on Thursday to approve a deal to award naming rights for the basketball arena at Edmundson Pavilion to Alaska Airlines. The company has offered a deal of at least $700,000 annually for five years.

Pending approval from the UW Board of Regents on Thursday, Washington will accept an offer to award the naming rights for the arena at Hec Edmundson Pavilion to Alaska Airlines.

The school’s 10-year deal for $5 million with Bank of America expired last year.

Alaska Airlines offered a five-year deal to the UW that’s worth at least $700,000 annually, including $400,000 per year in cash; $25,000 in travel benefits; 20 MVP Gold memberships valued at $5,000 to $10,000 each, and $175,000 in sponsorship opportunities.

A UW spokesman declined to comment until after the Board of Regents meeting.

The Alaska Airlines deal received approval from interim UW President Phyllis Wise and the University Names Committee.

If the deal is approved, UW will change the name of the 84-year-old athletic facility to Alaska Airlines Arena at Hec Edmundson Pavilion. The Alaska Airlines logo will also appear on the court.

Percy Allen: 206-464-2278 or pallen@seattletimes.com