The stadium will now go by the name of "Globe Life Park in Arlington". Since it's opening in 1994, it has operated under the name "Rangers Ballpark in Arlington for all but three years. From 2004-2007 the naming rights were given to Ameriquest in what had been a 30-year sponsorship deal. The two sides terminated the agreement after just a few years, however.
The agreement with Globe Life will run for 10 seasons. The team revealed a new logo for the stadium at a press conference:
The new logo for Globe Life Park in Arlington pic.twitter.com/hFCQOcm94M— Evan Grant (@Evan_P_Grant) February 5, 2014
While Globe Life, an insurance company, is based in Oklahoma City, it is owned by Torchmark Corporation. Torchmark is based in McKinney, TX, just north of Dallas.
The sponsorship deal runs for the exact same amount of time as the Rangers' lease with the ballpark. If the team wished, they could move to a new stadium after that time though it seems unlikely they would do so considering Globe Life Park in Arlington is still relatively new.
There has not yet been any news on how much Globe Life is paying for the rights. Before being cancelled, Ameriquest's naming rights deal had been for around $2.5 million per year.
With the Rangers selling the naming rights to their stadium, only 11 ballparks across the MLB are not named for a corporate sponsor.