The Texas Rangers announced the name of the team's new Arlington ballpark at a news conference Thursday.
Team officials said the new $1 billion stadium will be named Globe Life Field through 2048.
The new park — featuring a retractable roof for climate control to keep fans and players cooler — is expected to be built on an existing parking lot near Globe Life Park and south of Randol Mill Road.
"The state-of-the-art ballpark will not only be the new home of the Texas Rangers but also a multipurpose sports and entertainment venue that will include capabilities for hosting high school, college and international sports," team officials said in a statement.
The extended deal keeps the Rangers in Arlington through 2054; their current 30-year lease on Globe Life Park was set to expire in 2024.
Construction on the new stadium is expected to begin later this year and be ready for play at the start of the 2020 season.