After 10 years, FNC Park will soon have a new name.

During Tuesday’s Oxford Board of Aldermen meeting, the Board approved an agreement to allow mTrade to become the new naming rights sponsor of the recreation venue. Brad Freeman, director of FNC Park, presented the request to the Board.

FNC Park has become the destination for regional soccer, baseball and softball tournaments in the Southeast. The facility hosted its 200th tournament earlier this year. It is also the home for several Oxford Park Commission sports.

FNC, Inc. became the naming rights sponsor of the then-named Oxford-Lafayette Fields in 2008.

“It’s an exciting time for us to begin a new decade as the same park with a new name, mTrade Park,” Freeman said. “Most coaches and ballplayers know across the state who FNC Park is, and the same will be said as we transition into mTrade Park. It will continue to be state-wide and regionally known.”

The agreement is for 1o years, beginning on Jan. 1, 2020 and ending on Dec. 31, 2029. The total cost for the naming rights was $500,000, and new signs will be installed by the City later this year.

mTrade, founded in 2016 as a mortgage software company, focuses on streamlining capital markets. The company’s office is located in the Oxford Enterprise Center, and it was co-founded by Lois Lovelady and Bill Rayburn. mTrade also has offices in Tupelo and New York City.

“mTrade is committed to investing in Oxford and Lafayette County, and we are thrilled to have the opportunity to partner with the park as its new naming rights sponsor,” said Chip Bolton, chief administrative officer and general counsel of mTrade. “We recognize how important the park has become to our community, and we are proud to have our name attached to it.”

A formal announcement of the name change will be made by Freeman and the park in January.