It will be known as Dolphins Stadium, and there are plans to expand the facility and possibly add a roof, according to owner Wayne Huizenga.
The name change takes place nearly five years after Huizenga unsuccessfully began seeking a new naming-rights sponsor for the ballpark. Pro Player signed a 10-year, $20million deal with the Dolphins in 1996, before the sports apparel company was bought out five years ago.
A new management company - Dolphins Enterprises LLC - is being created, with a CEO who will report directly to Huizenga, reports the Associated Press.
A three-phase plan is in place to convert the stadium into a year-round venue that is ready-made for the Super Bowl, Orange Bowl and other major national and international events.
The first phase could include new scoreboards, remodeled suites, new exhibition space, additional parking and a new traffic flow around the ballpark, at an estimated cost of $100million to $125million.
The stadium is also home to Major League Baseball's Florida Marlins, but the football team has told the Marlins it won't renew their lease after 2010.
