The most renowned enduring feature of the Lobo basketball program is its home venue, known as "The Pit", recognized as one of the best college basketball arenas in the country. The Pit opened in 1966 and the Lobos have been dominant playing there, winning over 80 percent of their games, while regularly placing among national leaders in attendance. The arena has frequently hosted NCAA tournament games, including the 1983 NCAA Final Four that featured one of the most memorable finishes in tournament history.