Possible Change of Ownership in the Tampa Bay Rays
Stu Sternberg, the principal owner of the Tampa Bay Rays, is in advanced talks to sell the franchise. The main potential buyer is a group led by Patrick Zalupski, a Florida-based housing developer.
According to reports, the deal values the team at approximately $1.7 billion. Zalupski has already signed a letter of intent to acquire the team.
Sternberg acquired the Rays in 2004 for $200 million.The team acknowledged the discussions in a statement, stating that they have initiated exclusive conversations with a group led by Zalupski, Bill Cosgrove, Ken Babby, and prominent Tampa Bay investors, regarding a possible sale of the team. Both the Rays and the group will not make further comments during the discussions.
A year ago, Sternberg had an agreement to build a new stadium in the Gas Plant Historic District, a renovated recreational, commercial, and residential district in St. Petersburg, to replace Tropicana Field. However, after Hurricane Milton damaged the stadium’s roof last October, forcing the Rays to relocate temporarily, Sternberg’s commitment has been less firm, indicating that the team would have to assume additional costs that were not in the budget.
In March, MLB commissioner Rob Manfred and some other owners began privately pressuring Sternberg to sell the franchise.
Zalupski is the President and CEO of Dream Finders Homes, founded in December 2008. He is also a member of the board of directors of the University of Florida.
It is not clear what Zalupski’s group would do, if the purchase were finalized and approved by the MLB owners, regarding a permanent stadium.
Currently, the Rays play at George M. Steinbrenner Field in Tampa, located at the site of the New York Yankees’ spring training facilities and home to their Class A Tampa Tarpons.
