The Texas Rangers announced Wednesday that Globe Life, an insurance company, has purchased the naming rights for their stadium in Arlington.

The stadium will now be known as Globe Life Park in Arlington.

Globe Life will also make a 'substantial commitment' to the Texas Rangers Baseball Foundation to support youth baseball and softball programs in the Rangers' five-state territory through a grant partnership program, according to Texas Rangers co-chairman Ray Davis.

Globe Life and Accident Insurance Company, founded in 1951, is based in Oklahoma City and has more than 3.9 million policyholders, according to its website. It is a subsidiary of McKinney-based Torchmark Corporation and has 650 employees in McKinney and Oklahoma City.

'This agreement makes us a stronger organization--on the field and in our community,' said Rangers Co-Chairmen Ray Davis and Bob Simpson in a statement released to media. 'It will give us increased flexibility and help us remain competitive from both short-term and long-term perspectives.'

The naming rights agreement is for 10 years, which represents the remainder of the Rangers' lease for the facility. Financial terms weren't disclosed.

'Sponsorship of Globe Life Park in Arlington is a natural fit for Globe Life And Accident Insurance Company,' said Globe Life President Bill Leavell. 'As the life insurance provider for more than 330,000 policyholders in the great state of Texas, we look forward to expanding our community involvement and helping make a difference in the lives of Texas families.'

The Rangers' stadium opened in 1994 as The Ballpark in Arlington. It was dubbed Ameriquest Field in Arlington in 2004 in what was announced as a 30-year sponsorship deal. But in 2007 the mortgage company and the Rangers terminated the agreement andthe stadium was renamed Rangers Ballpark in Arlington.

Only nine MLB teams have not sold the naming rights to their stadiums:Angel Stadium of Anaheim; Dodger Stadium; Fenway Park; Marlins Park; Oriole Park at Camden Yards; Kauffman Stadium; Wrigley Field; Yankee Stadium; and Nationals Park.

Last July, the adjacent Dallas Cowboys' stadium was renamed AT&T Stadium under a lucrative long-team deal with the Dallas-based telecommunications giant.

The Associated Press contributed to this report

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