Major League Baseball franchise the Colorado Rockies has signed a new 30-year lease agreement to remain at its Coors Field stadium.

The club and the Denver Metropolitan MLB Stadium District agreed upon the deal that would see no expenses forced upon the taxpayer.

The team will pay the District $1m (€937,000/£800,800) in annual rent plus $1.5m in annual contributions to the capital repairs fund.

The Rockies’ previous 22-year lease agreement with the stadium expired yesterday (Thursday). At the end of the new lease, the team will have played at Coors Field, the third oldest ballpark in MLB, for 52 years.

Populous Architecture, the original designer of the stadium, will continue to assess capital repairs and maintenance needed over the next 30-year period. It already identified $200m worth of work that would need to be done to keep Coors Field viable for the duration of the lease.

Rockies owner and chief executive Dick Monfort said: “In addition to successfully meeting the objectives the Rockies and the Stadium District had from the beginning – keeping baseball in Colorado in a world-class facility at no cost to the taxpayers – we are proud that Coors Field will continue to be a vital part of a vibrant city, state and region, drawing fans from near and far and making our Colorado residents proud.”