Guaranteed Rate Field will be called Rate Field, the team announced on social media Tuesday. The change reflects the stadium sponsor's name change that dropped 'Guaranteed' from the name in July.

The ballpark first existed as Comiskey Park when it opened in 1991, then changed to U.S. Cellular Field with a naming rights deal in 2003. After the 2016 season, the Sox struck a deal with Guaranteed Rate for a reported $2 million per season.

Twenty-two major league stadiums are named for corporate sponsors. The Houston Astros stadium is also changing names, from Minute Maid Park to Daikin Park.

A financial services provider in the mortgage industry, Rate said the name change "reflects the company's commitment to innovation, simplicity, and a seamless customer experience."