Proposed Rangers baseball stadium (credit: City of Arlington)

ARLINGTON (CBSDFW.COM) – The Texas Rangers will announce the naming rights for the team’s new ballpark on Thursday at 11:00 a.m.

The Rangers said they will have no other comment until that time.

The future billion-dollar climate-controlled stadium deal will keep the Texas Rangers in Arlington at least through 2054.

Half of the money for the new stadium comes from the city, the other half from the Rangers.

Last November, Arlington voters approved the extension of a half-cent sales tax, 2 percent hotel-occupancy tax and 5 percent car-rental tax for the new Rangers stadium.

That revenue previously went to defray Arlington’s $155 million debt on its share of the cost of AT&T Stadium, the home of the NFL’s Dallas Cowboys.

The stadium should be completed in time for the 2020 MLB season.