CHICAGO — The Chicago White Sox have announced a change in the name of their home stadium. It will now be called Rate Field, moving away from its previous name of Guaranteed Rate Field, a decision made public on Wednesday that reflects a simplified version of the stadium sponsor’s name.

The ballpark first opened its doors in 1991 as New Comiskey Park, located across from the old venue. In 2003, it was renamed U.S. Cellular Field following a naming rights agreement. This name was again altered in 2016 when the White Sox entered into a 13-year deal with Guaranteed Rate, which includes an option for the team to extend the agreement until 2030. The name adjustment comes after Guaranteed Rate underwent rebranding to simply “Rate” in July.

In addition to the rebranding, the White Sox are exploring plans to relocate from their current South Side location. They aim to develop a new stadium as part of a larger initiative to create a ballpark village in the city’s South Loop, which would integrate green spaces, residences, and businesses. To support this ambitious project, they are seeking public financial backing.

It’s worth noting that the White Sox are coming off a dismal season, finishing with a record of 41-121, which set a new major league record for the highest number of losses in a single season since 1900.