The Texas Rangers have signed a naming rights deal with Globe Life Insurance, a subsidiary of Torchmark Corporate (TMK), for their new retractable-roof ballpark opening in 2020. The 25-year contract valued at $11 million annually, becomes the second largest naming-rights agreement in MLB (Citi Field) and will replace the existing 10 year $50 million agreement that was signed for the current stadium in 2014. Branding on the retractable roof and its location adjacent to an entertainment district that includes a new hotel and amphitheater, are among the reasons for the escalating value of the sponsorship.
Globe Life Stays With Rangers, Signs 25-Year Deal For New Park Worth $11M Annually
Howie Long-Short: Most MLB naming rights deals fall between $1-$7 million/year. While the Mets get an absurd $21 million/year from Citibank, the Astros earn just $7.4 million/year from Minute Maid, as #2 on the list. The Rangers did not hold talks with any other potential partners. Why did Globe Life negotiate it themselves?
Fan Marino: The city of Arlington agreed to pay $500 million towards the new stadium with the expectation that the team plays in the ballpark through the 2052 season. Anyone taking bets they don’t play 30+ seasons in the new ballpark?