ARLINGTON, Texas (AP) -- The Texas Rangers reached a 10-year deal Wednesday to immediately change the name of their 20-year-old stadium to Globe Life Park in Arlington.
Rangers Ballpark is being renamed under an agreement with Globe Life and Accident Insurance Co. of Oklahoma City. Globe Life, which began operations in 1951, is a wholly owned subsidiary of Torchmark Corp. in McKinney, which is in the Dallas area.
Financial terms weren't disclosed.
''Globe Life is the perfect partner - a Texas-based company that has been helping families with their insurance needs for more than 60 years,'' Rangers co-owners Ray Davis and Bob Simpson said in a statement. ''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.''
Last July, the adjacent Dallas Cowboys' stadium was renamed AT&T Stadium under a lucrative long-team deal with the Dallas-based telecommunications giant.
Under the agreement, Globe Life will be the official life insurance partner of the Rangers. The company will also make a substantial commitment to support youth baseball and softball programs through a grant partnership program with the Texas Rangers Baseball Foundation.
Bill Leavell, president of Globe Life, said the life insurance provider has more than 330,000 policyholders in Texas. The company, with 3.9 million policyholders overall, employs 650 people at offices in Oklahoma City and McKinney.
''Sponsorship of Globe Life Park in Arlington is a natural fit for Globe Life And Accident Insurance Company,'' Leavell said. ''We look forward to expanding our community involvement and helping make a difference in the lives of Texas families.''
With the Rangers renaming their stadium, 21 of the 30 major league teams have now sold naming rights to their ballparks.