The Rangers on Wednesday announced a deal with insurance firm Globe Life to rename the Ballpark in Arlington to Globe Life Park in Arlington.
Financial terms were not disclosed for the 10-year deal with Globe Life and Accident Insurance Co. of Oklahoma City. Globe Life is a subsidiary of Texas-based Torchmark Corp.
In a statement, Rangers co-owners Ray Davis and Bob Simpson said, "Globe Life is the perfect partner—a Texas-based company that has been helping families with their insurance needs for more than 60 years. This agreement makes us a stronger organization, on the field and in our community. It will give us increased flexibility and help us remain competitive from both short-term and long-term perspectives.
With the deal, 21 major league teams have sold the rights to name their ballparks. The nine holdouts are the Braves, Orioles, Red Sox, Cubs, Royals, Dodgers, Marlins, Yankees and Nationals.
STADIUM NAMING RIGHTS AGREEMENTS
|Team||Stadium||Sponsor||Payout per year|
|N.Y. Mets||Citi Field||Citigroup||$20 million|
|Houston||Minute Maid Park||Minute Maid Co.||$7.4 million|
|Minnesota||Target Field||Target Corp.||$5.3 million|
|Chicago White Sox||U.S. Cellular Field||U.S. Cellular Corp.||$4.1 million|
|Cleveland||Progressive Field||Progressive Insurance Co.||$3.8 million|
|San Diego||Petco Park||Petco||$3.2 million|
|Cincinnati||Great American Ballpark||Great American Insurance Group||$3 million|
|Arizona||Chase Field||J.P. Morgan Chase||$2.9 million|
|Philadelphia||Citizens Bank Park||Citizens Bank||$2.7 million|
|San Francisco||AT&T Park||AT&T||$2.6 million|
|Milwaukee||Miller Park||Miller Brewing Co.||$2.5 million|
|Seattle||Safeco Field||Safeco Insurance||$2.5 million|
|Detroit||Comerica Park||Comerica Bank||$2.2 million|
|Tampa Bay||Tropicana Field||Tropicana Dole Beverages North America||$2 million|
|Pittsburgh||PNC Park||PNC Bank||$1.5 million|
|Oakland||O.co Coliseum||Overstock.com||$1.2 million|
|Colorado||Coors Field||Coors||$1.1 million|
|San Diego||Qualcomm Stadium||Qualcomm||$900,000|
|St. Louis||Busch Stadium||Anheuser-Busch Cos. Inc.||Undisclosed|
|Texas||Globe Life Park in Arlington||Globe Life and Accident Insurance Co.||Undisclosed|
|Toronto||Rogers Centre||Rogers Communications||Undisclosed|
Sources: Houston Chronicle, New York Times, SportsBusiness Journal, Bizjournals.com