White Sox's Ballpark To Change Name From U.S. Cellular Field To Guaranteed Rate Field

(CBS) The home of the White Sox is being renamed.

Chicago-based national mortgage lender Guaranteed Rate has purchased the naming rights to the White Sox's ballpark in a new 13-year agreement that runs through 2029 and could be extended on a team option through 2030. On Nov. 1, U.S. Cellular Field will be renamed Guaranteed Rate Field.

Terms of the deal weren't disclosed, but reports

The Illinois Sports Facilities Authority, the owner/operation of the ballpark, approved the name change in a board meeting Wednesday.

"We are pleased to find, in Guaranteed Rate, a new naming rights partner founded in Chicago by Chicagoans, which shares our commitment to the city and to our fans," White Sox chairman Jerry Reinsdorf said in a statement. "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."

White Sox officials would like a potential nickname for Guaranteed Rate Field to come from the fans naturally over time, marketing boss Brooks Boyer said in a conference call.