Overview

• A consortium led by Jacksonville developer Patrick Zalupski and backed by investors Bill Cosgrove and Ken Babby has signed a nonbinding letter of intent to buy the Rays for about $1.7 billion.
• Owner Stu Sternberg, who acquired the franchise for $200 million in 2004, began these discussions after withdrawing from a planned St. Petersburg ballpark agreement in March under pressure from MLB.
• This season's home games have been held at George M. Steinbrenner Field due to Hurricane Milton’s October damage to Tropicana Field’s roof.
• St. Petersburg officials approved roughly $55 million for Tropicana Field repairs and expect the Rays to return under their existing lease in 2026.
• Completion of the sale would place responsibility for resolving the team's long-standing stadium impasse and determining its future in the Tampa Bay region with the new ownership.