Globe Life Stays With Rangers, Signs 25-Year Deal For New Park Worth $11M Annually
The MLB Rangers have signed current naming-rights partner Globe Life Insurance to a new deal for their retractable-roof ballpark opening in '20. The 25-year contract for Globe Life Field, the official name of the new park, is valued at $11M annually, sources said. It is the second biggest naming-rights agreement in MLB behind Citi Field, according to RG Live. The insurance firm in '14 signed a 10-year, $50M deal for naming rights for Globe Life Park, the Rangers’ current ballpark. That agreement will effectively be canceled with four years remaining after the new facility opens, said Rangers Exec VP and Chief Revenue & Marketing Officer Joe Januszewski. The new agreement runs through '48, and Januszewski said Globe Life has first rights to renew at that time. “Before we did the original deal in 2014, they had not been a partner of ours and they were doing nothing in sports,” he said. “Culturally, the last three and a half years has been a good fit. ... The new deal is a validation of their trust in us.” As part of the original deal, Globe Life had an exclusive window to negotiate a new agreement, and the two parties agreed in principle about six months ago before settling on terms and financials over the past several weeks. Januszewski and Rangers Senior VP/Partnerships & Client Services Jim Cochrane led the negotiations for the Rangers, who did the deal in-house. The Rangers did not have talks with any other potential partners, Januszewksi said. On the buy side, Matt Darden, the Chief Strategy Officer for Globe Life holding company Torchmark, and Globe Life Senior VP/Digital Marketing & Branding Corey Jones worked on the deal.
LOGO WILL BE ON TOP OF THE ROOF: Globe Life's assets under the new agreement include branding on top of the retractable roof, a key point of separation between the new ballpark and the current open-air stadium. In addition, Globe Life signs will be placed at all gate entrances, behind home plate and as part of the main outfield video board. The mixed-use development tied to the $1B ballpark played a key role for the new naming-rights deal escalating in value compared with the old one, Januszewski said. Texas Live!, the $250M entertainment district which is a partnership between the Rangers and The Cordish Cos., is under construction next to the ballpark site, and a portion of the development is set to open in '18. A hotel and 5,000-seat amphitheater are also part of the mixed-use project. Januszewski said, "Now there’s going to more opportunities for entertainment with concerts in the amphitheater along with the restaurants and microbrewery. We’ve bolstered our events department to ramp up for 2020.” The Rangers were expected to announce the deal at an 11:00am CT new conference.