The Texas Rangers appear to be getting ready to announce a new stadium soon even though their current one is a little more than two decades old.

According to Fox Sports, the City of Arlington and the Texas Rangers are set to announce plans for a stadium with retractable roof expected to open before 2023. The announcement is expected to be done as early as Friday.

The possible cost of the latest ballpark is not clear at this point. The Arlington Ballpark that was opened in 1994 cost around $264M.

The city and the Rangers announced their plans for a public-private development to be called ‘Texas Live!’ next to the former Arlington Ballpark, Good Life Park.

How the new ballpark would be financed is not yet clear at the moment, but the new stadium with retractable roof will certainly improve the club value as well as add more years of revenue streams.

The construction of the new stadium will probably be subject to election by Arlington voters. This is to ensure sales tax and possibly ticket and parking taxes.

The Dallas News cited Star Telegram reporting that the new ballpark costing approximately $1.2B will be divided equally between the Rangers and the city of Arlington. An election will be held come November in order to set aside Arlington’s half-cent sales tax presently paying off the Cowboys Stadium to the new ballpark.

Neither the Rangers nor the city officials have confirmed that a news conference is due on Friday but Jay Warren, manager of Arlington City Marketing Communications, released a positive statement regarding the issue.

Warren said, “For more than four decades, Arlington and the Texas Rangers have had a strong relationship. That relationship was further strengthened last year with the announcement of the public-private partnership between the City and the Rangers for the proposed Texas Live! development in our Entertainment District. We look forward to continuing that relationship for many years to come. The City has no other comment at this time.”