Updated at 3:05 p.m. with Sports Business Daily report on financial details of the Rangers-Globe Life deal.

ARLINGTON — The Texas Rangers' new $1 billion ballpark might look completely different than their current home when it opens in 2020, but they'll only need to change one word on the nameplate that goes on it.

Rangers officials announced Thursday that the team is extending through 2048 its naming rights relationship with the Globe Life insurance company, which owns those rights to the current stadium.

The new stadium will simply be known as Globe Life Field. The existing stadium is Globe Life Park.

Financial terms of the agreement were not released by the Rangers, but Sports Business Daily reported that the deal is worth $11 million annually, making it the second-largest naming rights agreement in Major League Baseball behind Citi Field in New York.

John Blake, the Rangers' executive vice president, said the team wouldn't comment on the totals reported in Sports Business Daily.

Earlier Thursday at a news conference in the Hall of Fame at Globe Life Park, team and Globe Life officials were mum on dollar amounts.

"Those are private financial matters," said Joe Januszewski, executive vice president and chief revenue and marketing officer for the Rangers. "But this agreement is very much in line with what these types of deals go for."

An ongoing partnership

Globe Life Park, the former Ballpark in Arlington, is scheduled to be replaced by a retractable-roof stadium before the start of the 2020 Major League Baseball season.

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As part of the naming rights agreement, Globe Life is donating $10,000 to the Arlington Sam Houston High School Alumni Association to help improve the school's baseball program, said Bill Leavell, president and CEO of Globe Life Direct Response.

Rangers officials praised the franchise's partnership with Globe Life, which is based in Oklahoma City.

"Globe Life has been a great partner, and Joe and his team have done a great job in getting together with everyone to help extend this relationship," said Rob Matwick, the Rangers' executive vice president of business operations.

Matwick said getting a naming rights deal in place early will be a key factor in getting construction started.

Texas Rangers Executive Vice President and Chief Revenue and Marketing Officer Joe Januszewski (left) and Globe Life Direct Response President and CEO Bill Leavell unveil the new name of the air-conditioned ballpark during a news conference at Globe Life Park in Arlington on Thursday. (Tom Fox / Staff Photographer)

"This will help us move forward to where we can represent [Globe Life] on the face of our new building and make sure we can have some unified branding as we go into the construction process," he said.

Getting the deal done

The Rangers and Globe Life were eager to get a deal done, Januszewski said, and negotiations went smoothly.

"We may have extended the window a couple of times to get it done, but we were confident with our 3 1/2-year partnership and felt we were in a good place," he said.

Leavell said he was pleasantly surprised by the pace of negotiations.

Globe Life Direct Response President and CEO Bill Leavell speaks after unveiling the new name of the air-conditioned ballpark during a news conference at Globe Life Park in Arlington on Thursday. (Tom Fox / Staff Photographer)

"I never thought it would happen this fast," he said. "But I think that's a testament to our relationship with the Rangers."

The naming rights agreement is great for Globe Life's profile, Leavell said, and improves its efforts to improve youth baseball and softball programs in underserved areas through the Texas Rangers Baseball Foundation.

The grant for Sam Houston High School is the first of several that will be awarded to area baseball and softball programs, Leavell said.

Globe Life's name also is attached to the 39,000-square-foot indoor facility at the Texas Rangers MLB Youth Academy at the Mercy Street Sports Complex in West Dallas.

Sam Houston athletic officials reacted with elation about the grant.

"We are just so grateful, and it comes at an exciting time," Sam Houston athletic facilitator Anthony Criss said. "We were just talking the other day about the improvements that are needed and the money we need to raise for them."

Most of the grant money will go toward improving the baseball team's batting cages and beautifying its on-campus ballpark to bring it more in line with facilities at other Arlington schools, said Criss, who is also Sam Houston's head football coach.

Thankful for the opportunity

The grant from Globe Life and the Rangers' foundation is the first of its kind at his school, Criss said.

Leavell said the firm's existing relationship with the Rangers — Globe Life secured a 10-year deal for naming rights at the current stadium in 2014 — gave it an advantage during negotiations: "It probably made things a little easier, yes."

Rangers officials would not say if any other companies were courted during the process. Under the terms, Globe Life will continue to be the Rangers' official life and health insurance company.

By a margin of 60 to 40 percent, Arlington voters approved a ballot proposal in November allowing $500 million in public funds to go toward building a new home for the Rangers. The city's portion of the $1 billion total cost will come from a 2 percent hotel occupancy tax, a half-cent sales tax, 5 percent rental car tax and surcharges from ticket and parking fees. Money earned from the naming rights will belong to the Rangers.