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Tampa Bay Rays in Advanced Talks for $1.7 Billion Sale to Patrick Zalupski

Prolonged stadium setbacks have intensified scrutiny on the franchise’s ownership ahead of potential sale.

Sep 19, 2023; Tampa, FL, USA; Tampa Bay Rays principal owner Stu Sternberg talks with media. Mandatory Credit: Kim Klement Neitzel-USA TODAY Sports/File Photo
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Overview

  • Jacksonville developer Patrick Zalupski has signed a nonbinding letter of intent to acquire the Rays for about $1.7 billion.
  • Zalupski’s group includes Ken Babby, owner of two minor league teams, and Bill Cosgrove of Union Home Mortgage.
  • A binding purchase agreement has not been finalized and the deal could still fall apart.
  • The Rays have been playing home games at Steinbrenner Field after Hurricane Milton damaged Tropicana Field and derailed plans for a new stadium.
  • Despite nine playoff appearances since 2008, the franchise endures low attendance and depends on roughly $60 million in annual MLB revenue sharing.