For the first time in seven years, Rangers Ballpark in Arlington has a new name.
Globe Life, an insurance company based in McKinney, a suburb north of Dallas, has reached agreement with the Texas Rangers on a 10-year naming-rights deal, meaning the stadium now will be called Globe Life Park in Arlington.
"This agreement makes us a stronger organization -- on the field and in our community," Rangers co-chairmen Ray Davis and Bob Simpson said in a joint statement. "It will give us increased flexibility and help us remain competitive from both short-term and long-term perspectives."
The deal was announced at a news conference on Wednesday, along with a new logo that will be displayed throughout the park and on top of the dugouts.
- Texas Rangers (@Rangers) February 5, 2014
"Your turnstile is variable depending upon how your team is doing on the field and the economy and those kinds of things," Davis told reporters. "But when you have a 10-year contract and you have a sustainable income coming over a 10-year period, it helps build a foundation and you can make better decisions."
Terms of the agreement are not known. According to figures from Sports Business Daily from 2011, the highest MLB naming-rights deal was for Citi Field, where the New York Mets play, for $20 million a year. In the state of Texas, Minute Maid Park is worth a little more than $6 million a year to the Houston Astros.
Most stadium deals, on average, are between $1.5 and $3 million a year.
This is the second corporate name to go on the ballpark. The club solid the naming rights to Ameriquest Mortgage Co. for a reported $75 million over 30 years in 2004 -- a decade after the ballpark opened. But Ameriquest Field was renamed Rangers Ballpark in Arlington in 2007 after Ameriquest shut down later that year.