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4d ago

Rays Agree in Principle to $1.7 Billion Sale to Zalupski-Led Group

Major League Baseball owners must approve the $1.7 billion transaction by a 75 percent vote before it can close in September.

Sep 19, 2023; Tampa, FL, USA; Tampa Bay Rays principal owner Stu Sternberg talks with media at Tropicana Field. Mandatory Credit: Kim Klement Neitzel-USA TODAY Sports/File Photo
Tampa Bay Rays owner Stuart Sternberg throws batting practice before a baseball game against the Cleveland Guardians Friday, July 29, 2022, in St. Petersburg, Fla. Looking on is manager Kevin Cash. (AP Photo/Chris O'Meara)
A deal in principle has been struck to sell MLB's Tampa Bay Rays, whose domed home stadium Tropicana Field is seen in tatters after Hurricane Milton struck
Patrick Zalupski (L, Source: Board of Trustees, University of Florida) and Tampa Bay Rays third base Junior Caminero (Source: Reuters)

Overview

  • The prospective ownership group includes Jacksonville developer Patrick Zalupski alongside Bill Cosgrove and Ken Babby.
  • Commissioner Rob Manfred and other MLB owners began pressing Sternberg to sell after the Rays abandoned a planned $1.3 billion stadium in St. Petersburg.
  • The team has played the 2025 season at George M. Steinbrenner Field due to Tropicana Field’s roof damage from Hurricane Milton last October.
  • Zalupski, who founded Dream Finders Homes and oversees a $3.4 billion company, has a strong preference to keep the franchise in Tampa proper.
  • Any new stadium plans remain undecided as Tropicana Field undergoes repairs and MLB oversight continues under the incoming ownership.