August 24, 2017 11:10 AM

ARLINGTON (CBSDFW.COM) The Texas Rangers have a name for their new ballpark slated to be open in 2020 and its very familiar.

The Rangers and Globe Life announced an extension of their naming rights partnership through the year 2048.

Proposed Rangers baseball stadium (credit: City of Arlington)

In a pressconferenceon Thursday, officials announced that the new ballpark will be called Globe Life Field, not to be confused with the Rangers current home, Globe Life Park.

The futurebillion-dollar climate-controlled stadium deal will keep the Texas Rangers in Arlington at least through 2054.

Half of the money for the new stadium comes from the city, the other half from the Rangers.

Last November, Arlington voters approved the extension of a half-cent sales tax, 2 percent hotel-occupancy tax and 5 percent car-rental tax for the new Rangers stadium.

That revenue previously went to defray Arlingtons $155 million debt on its share of the cost of AT&T Stadium, the home of the NFLs Dallas Cowboys.

The stadium should be completed in time for the 2020 MLB season.

Drip Pan: CBS Local App

Drip Pan: Weather App

Drip Pan: Restaurant Week 365

Go here to read the rest:

Rangers Renew Partnership With Globe Life For Stadium Naming Rights - CBS DFW