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18h ago

Tampa Bay Rays Set for $1.7 Billion Sale

League signoff is needed by September, opening the door for fresh leadership to tackle the franchise’s stalled ballpark challenges.

ST. PETERSBURG, FLORIDA - JANUARY 11: A general overall aerial view of Tropicana Field and stadium dome damage from Hurricane Milton on January 11, 2025 in St. Petersburg, Florida.
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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
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Overview

  • Stuart Sternberg, who acquired the Rays in 2004 for $200 million, agreed in principle on July 14 to sell the franchise for $1.7 billion to a group led by Patrick Zalupski.
  • MLB requires approval from at least 75% of franchise owners for the transfer to become official, with a closing targeted by September.
  • The incoming ownership team—including Dream Finders Homes founder Patrick Zalupski, Union Home Mortgage CEO Bill Cosgrove and minor-league owner Ken Babby—has pledged to keep the club in the Tampa Bay area, favoring Tampa over St. Petersburg.
  • The Rays have spent the 2025 season at George M. Steinbrenner Field after Hurricane Milton severely damaged Tropicana Field’s roof, and repairs are planned to restore play for the 2026 season.
  • Commissioner Rob Manfred expressed confidence that the sale will proceed and confirmed that MLB’s engineers are monitoring Tropicana Field repairs ahead of next year’s reopening.