Tampa Bay Rays Set for $1.7 Billion Sale to Developer Group

Tampa Bay Rays owner Stu Sternberg has reached a preliminary agreement to sell the franchise for $1.7 billion to a group led by Florida developer Patrick Zalupski, as reported by The Athletic. The sale is expected to be finalized as early as September 2023 and aims to keep the team in the Tampa area, with Zalupski expressing a preference for Tampa over St. Petersburg.

Sternberg purchased the Rays in 2004 for $200 million. Zalupski is the founder, president, and CEO of Dream Finders Homes, a homebuilding company established in December 2008. Since its inception, Dream Finders has expanded its operations across the United States and closed on more than 31,100 homes.

The new ownership group reportedly includes Bill Cosgrove, CEO of Union Home Mortgage, and Ken Babby, owner of the minor-league teams Akron RubberDucks and Jacksonville Jumbo Shrimp. This diverse group brings a wealth of experience in business and sports management.

Stadium Plans and Management Changes

In the past year, Sternberg faced significant challenges regarding the Rays’ future, particularly in stadium development. A plan to construct a new stadium in the Historic Gas Plant District of St. Petersburg was put on hold following damage from Hurricane Milton, which compromised the roof of Tropicana Field last October. Sternberg stated, “After careful deliberation, we have concluded we cannot move forward with the new ballpark and development project at this moment.” He cited unforeseen events that led to rising costs beyond the original budget.

Since then, pressures from Major League Baseball (MLB) and other team owners to sell the franchise have intensified. The current situation raises questions about where the Rays will ultimately play their home games. For the time being, the team is using George M. Steinbrenner Field in Tampa, which serves as the spring training facility for the New York Yankees and is also home to their Single-A affiliate, the Tampa Tarpons.

As the sale process moves forward, the focus will likely shift to what the new ownership group plans for the franchise’s long-term home. The outcome of this deal could have lasting implications for the team, its fans, and the local economy.

The sports community is watching closely to see how this leadership transition will unfold and what it means for the future of the Tampa Bay Rays.