The Texas Rangers and Globe Life and Accident Insurance Company have entered into a ten year partnership establishing Globe Life Park in Arlington as the new name for Rangers Ballpark in Arlington. The name change is effective immediately.

Under the agreement, the McKinney-based company will be the Official Life Insurance Partner of the Texas Rangers. Team co-chairman Ray Davis said it was important to keep Arlington in the name. "Arlington has been an excellent partner for us and there is 20 years history here," said Davis.

The Texas Rangers conducted a three-year search for a naming rights partner. Of the three finalists, Rangers executive vice president of Business Partnerships Joe Januszewski felt Globe Life was the best fit for the Rangers, because they share a commitment to community.

"Globe Life made it very clear that this was not an advertising play, and they wanted to be embedded in the community," he said.

During Wednesday's press conference, the Rangers and Global Life unveiled a new Globe Life Park in Arlington logo, which will be displayed throughout the park, including the tops of both the dugouts

The agreement also includes a grant to fund the efforts of the Texas Rangers Baseball Foundation. The foundation is a new program the Rangers started to help underprivileged youth. "This grant will put more bats, gloves and balls in the hands of boys and girls throughout the Ranger's five territories," Januszewski said.

In 2014, Global Life will also serve as the sponsor of Elvis Andrus Kids Jersey on Friday, June 27 when the Rangers host Minnesota.

The terms of the deal were not disclosed, but Januszewski said it stacks favorably against any naming deal in Major League Baseball.