The Rangers’ new $1 billion retractable roof ballpark won’t be ready until 2020, but the team is ready to give it a name.
At a Thursday morning press conference, the Rangers announced the new stadium will be known as Globe Life Field.
Globe Life signed a 10-year deal in 2014 for the current naming rights. The insurance company announced it has extended its naming rights deal with the Rangers through 2048.
Arlington and the Rangers announced the joint venture and master lease agreement in May 2016. Plans call for a grand opening to start the 2020 MLB season. The city will use a half-cent sales tax, 2 percent hotel-occupancy tax and 5 percent car-rental tax to fund up to $500 million, with the Rangers committed to paying any cost overruns.
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The signs of a new stadium are just starting to take shape. In August, part of Nolan Ryan Expressway near Globe Life Park will closed along with all of Parking Lot A and a section of Parking Lot B.
Texas Live!, which is a partnership between the Rangers and The Cordish Cos., is also under construction. It will be located between Globe Life Park and the site of the new stadium.