A sale agreement has been reached for the Tampa Bay Rays franchise, with local investors led by Jacksonville developer Patrick Zalupski reportedly finalizing the purchase for approximately $1.7 billion. The transaction may be completed by September, according to sources. The Rays confirmed last month that they were engaged in exclusive negotiations with Zalupski and his investment group.
Zalupski aims to keep the team within the Tampa Bay area, with a preference for Tampa over St. Petersburg as the location for the franchise’s future. The anticipated sale arrives amid ongoing uncertainties regarding the team’s stadium situation. Earlier this year, current owner Stuart Sternberg announced that plans for a new $1.3 billion ballpark in St. Petersburg had been scrapped due to unforeseen circumstances, including the damage caused by Hurricane Milton to Tropicana Field. The team has temporarily relocated their home games to George M. Steinbrenner Field, the New York Yankees’ spring training facility, while Tropicana Field undergoes repairs.
Sternberg, who bought control of the team in 2005 for about $200 million, has overseen two pennant wins during his ownership. However, the franchise has consistently ranked near the bottom in terms of payroll. Under his management, the Rays’ Opening Day payroll has frequently ranked 29th or 30th among Major League Baseball teams, limiting their ability to maximize on-field performance.
Zalupski is the founder and CEO of Dream Finders Homes, a company currently valued at $3.4 billion, with personal net worth estimated at $1.4 billion, according to Forbes. The Rays were valued at $1.35 billion earlier this year, which positions them as one of the lower-valued franchises in MLB.
This potential change in ownership could usher in new possibilities for the Rays, enhancing both their financial strategy and their goal of establishing a long-term stadium solution. The hope is that Zalupski’s leadership will help propel the franchise to greater heights and stability.
Overall, this development paints a promising picture for the future of the Tampa Bay Rays and their fans.