Patrick Zalupski, the founder, president, and CEO of Dream Finders Homes, is spearheading an initiative to purchase the Tampa Bay Rays baseball team. Based in Jacksonville, Zalupski has a net worth of $1.4 billion, as reported by Forbes, and his group is valuing the Rays at approximately $1.7 billion. This figure exceeds Forbes’ own valuation of the team at $1.25 billion. Stuart Sternberg, the current owner, purchased the Rays in 2004 for $200 million.
The proposed ownership group also comprises Ken Babby, who oversees two Minor League teams, including the Jacksonville Jumbo Shrimp. Zalupski has reportedly signed a letter of intent to acquire the team, but the completion of the deal remains uncertain.
The Rays are currently navigating challenges related to their home stadium, having temporarily relocated to the New York Yankees’ spring training site due to significant damage to Tropicana Field from Hurricane Milton in October 2024. Prior to the hurricane, the Rays and St. Petersburg had initiated a $1.3 billion stadium development project, which the club has since opted to withdraw from. This has left their long-term location in question, especially as the city is investing approximately $55 million on repairs to Tropicana Field, with the aim of maintaining a partnership with the team through a three-year agreement starting in 2026.
Mayor Ken Welch has indicated a willingness to consider future partnerships with potential new owners who demonstrate a commitment to the community, emphasizing that St. Petersburg’s progress will not be hindered while waiting for an owner who aligns with community values.
Additionally, Dream Finders Homes went public in 2021 and is valued around $3.4 billion. Zalupski’s influence extends beyond the business world; he has also been appointed to the University of Florida Board of Trustees by Governor Ron DeSantis.
The interest in the Rays by Zalupski and his group reflects a potential shift in ownership that may have significant implications for the franchise’s future, particularly regarding its stadium situation and community relations. Hope remains that a new ownership could revitalize the team’s standing in the Tampa Bay area.