(Photo credit: Allan Henry-Imagn Images)

The Arizona Diamondbacks are closer to receiving as much as $500 million for renovations to their downtown Phoenix ballpark, now that state legislators have approved a financing bill.

The bill awaits a signature from Gov. Katie Hobbs, which is considered to be a mere formality since she was in full support of the measure.

The funds will be raised over a 30-year period and come from sales tax revenue that comes directly from Chase Field, which is publicly owned. Funds also will come from sales-tax revenue of business in the area around the stadium.

The Diamondbacks reportedly will fund an additional $250 million for renovations.

According to reports, a major need is an upgrade to the air-conditioner system in the retractable roof ballpark. Other areas targeted for renovation are the scoreboard and the ballpark's cement foundation.

Up next is for the club to extend its lease at the stadium, which expires in 2027.

'This will be a monumental victory for baseball and Diamondbacks fans when signed by Governor Katie Hobbs,' Diamondbacks president and CEO Derrick Hall said in a statement. 'We could then shift our focus to a proper lease extension negotiation with the Maricopa County Board of Supervisors in hopes of modernizing and renovating this public asset to a level those fans deserve.'

The Diamondbacks have played at the venue since their inception in 1998. The club made the playoffs for the first time the following season and won the World Series in 2001, which remains their only title.

Arizona has made the playoffs seven times in 27 seasons and advanced to the World Series as recently as 2023, when they lost to the Texas Rangers.

--Field Level Media