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.
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Construction on the new stadium is expected to begin later this year and be ready for play at the start of the 2020 season.