The Mariners were approved for a new 25-year lease at Safeco Field by the Washington State Major League Baseball Stadium Public Facilities District (PFD), the club announced Wednesday.
The new lease agreement takes effect after the ballpark's original 20-year lease expires at the end of this year and includes provisions for two three-year options that could extend the term through 2049.
"We want this ballpark to be our home for the next 100 years," Mariners chairman and managing partner John Stanton said in a statement. "Safeco Field should be to Seattle and to the Mariners what Wrigley Field is to Chicago and the Cubs and Fenway Park is to Boston and the Red Sox.
"We sincerely appreciate our partnership with the PFD, who share our vision to ensure that our fans will continue to enjoy Major League Baseball in a state-of-the-art facility for decades to come."
Under the terms of the new agreement, the Mariners will contribute about $650 million to PFD and the ballpark, including $55 million for 25 years' rent, $120 million to a new Capital Expenditure Fund for ballpark upgrades and improvements, 1.5 to 2 percent of ticket sales revenue and an estimated $175 million generated from taxes collected on parking and tickets sold for Safeco Field events.
The lease requires that the Mariners maintain Safeco Field in first-class condition, measured against the top one-third of comparable MLB ballparks.
The Mariners will also continue to pay for all ballpark operation and routine maintenance costs, estimated at $250 million over the life of the lease. Eighty percent of the costs of capital expenditures, operations and maintenance will be paid for by the Mariners via contributions to the PFD and taxes generated by the ballpark.
"This is a great day for baseball fans in the Northwest," Stanton said. "Safeco Field has been the site of so many special moments and we look forward to many more to come."