Why can't they sell off naming rights to the Observatory and just rebuild it from scratch? I don't care if it is the "Elon Musk Radio Telescope" if it means it

Why can't they sell off naming rights to the Observatory and just rebuild it from scratch? I don't care if it is the "Elon Musk Radio Telescope" if it means it gets rebuilt with modern equipment and materials. I'm guessing you could do the whole thing for less than $300M.