Chicago White Sox fans will have a new corporate name attached to their home stadium next season, as the team has sold naming rights for their ballpark to Guaranteed Rate, the team announced Wednesday.
The stadium, currently known as U.S. Cellular Field, will become Guaranteed Rate Field on Nov. 1 as part of a new 13-year contract that the White Sox signed with the mortgage company, according to a statement released by the club.
"We view this partnership as an opportunity to connect a successful Chicago business with a historic baseball franchise, and we look forward to growing this important relationship over the coming years as millions of fans enjoy White Sox baseball at Guaranteed Rate Field," chairman Jerry Reinsdorf said in the statement.
The Illinois Sports Facilities Authority approved the name change during a board meeting, the statement said. Financial terms of the deal between the White Sox and Guaranteed Rate were not disclosed.
The White Sox retained an option under the team’s lease for the ballpark, which could extend the deal an additional year through 2030.
"We are incredibly excited and honored to be part of the White Sox family," president & CEO of Guaranteed Rate Victor Ciardelli said. "It really is a dream come true to have the Guaranteed Rate name on a hometown Chicago ballpark."
"We love this city and its baseball fans, and couldn’t be happier to partner with an iconic team and a legendary owner in Jerry Reinsdorf," Ciardelli added. "We look forward to many great years of White Sox baseball at Guaranteed Rate Field."