Texas Rangers Secure $600M In Financing For New Stadium
The Texas Rangers have secured $600M in financing for their new Globe Life Field in Arlington from SunTrust Banks.
The deal is in accordance with the terms agreed upon with the City of Arlington at the inception of the project to foot roughly half the cost of the $1B stadium.
SunTrust has dealt with financing stadium construction before, having been involved in the process of building the Atlanta Falcons' Mercedes-Benz stadium and the Atlanta Braves' SunTrust Park.
“The Rangers is an organization dedicated to their community and their broad fan base. This transaction allows them to stay in Arlington for the foreseeable future, and create a ballpark with the amenities and overall fan experience that will be among the best in professional sports,” SunTrust Sports and Entertainment Group Managing Director Peter Dorfman said.
The stadium is scheduled to open for the 2020 Major League Baseball season.