Janelle Irwin Taylor
Tampa Bay Rays owner Stu Sternberg may be closing in on a sale of his team, with finalization expected as early as September, according to reporting from The Athletic.
The outlet reported that Sternberg had reached an approximately $1.7 billion deal to sell the team to a group led by Jacksonville developer Patrick Zalupski, according to a source with knowledge of the process who spoke to The Athletic on condition of anonymity because they were not authorized to speak publicly on the matter.
The source said Zalupski is expected to keep the team in the Tampa Bay area, but that he has a strong preference to move the team to Tampa rather than stay in St. Petersburg, where they have played since the team first entered MLB.
News about the potential sale came out last month with a signed letter of intent to buy the team, first reported by Sportico. Zalupski is the founder and CEO of Jacksonville-based Dream Finders Homes, a home building company he launched in 2008. The group also includes Ken Babby, owner of the Jacksonville Jumbo Shrimp, a Triple-A team, and the Double-A Akron RubberDucks. Bill Cosgrove, who runs Ohio-based Union Home Mortgage, is also reportedly among the buyers’ group.
Sternberg purchased the Rays in 2004 for $200 million.
Sternberg has been under pressure to sell the team after a deal to build a new stadium in St. Pete, at the site of the current Tropicana Field, fell through. The deal collapsed after Tropicana Field was badly damaged by Hurricane Milton in October, including blowing most of the stadium’s roof off. Repairs are underway, but Rays leadership said delays associated with the damage caused cost overruns on the project and the team backed out of the deal in March.
Approval of bonds needed for the financing deal were delayed after the Rays, needing a new home for the 2025 season, chose to play at Steinbrenner Field in Tampa, rather than choosing a location in Pinellas County.
The announcement in March came just days after reports that investors were lining up to purchase the Rays, with intentions to keep the team in St. Pete.
St. Pete Mayor Ken Welch, who led negotiations on the deal before it fell through, said the city will continue working with the Rays and development partner Hines to memorialize the current development agreement.
“Once that process is complete, we look forward to engaging in good-faith conversations with any new ownership group about the future of Major League Baseball in St. Petersburg beyond 2028,” Welch said, referencing the end of the current contract, which was extended a year due to damage to Tropicana Field necessitating an alternative venue for the 2025 season.
“St. Petersburg and Pinellas County have a rich baseball history and a strong, diverse community that has consistently supported the Rays. We’ve been counted out before, but we continue to show our resilience, vision, and value. While others may speculate, our priority remains clear: to pursue outcomes that reflect the needs and aspirations of our residents and honor the promises made to the Historic Gas Plant Community.”
Tampa Mayor Jane Castor said at a south Tampa community meeting regarding stormwater that the sale would be good news for the region, adding that her goal has always been to ensure the team stays in Tampa Bay. But Castor also noted there is currently no financing proposal on the table. She said she’s happt to sit down with county leaders and new owners — once installed — to discuss options.
She said in May at a Chamber of Commerce event that MLB leadership didn’t want the team to leave the region. Last month, after news of the potential sale to the Jacksonville group, she said the city was prepared to begin negotiations once a sale was finalized.
It’s unclear how a stadium deal would be financed in Tampa, and Castor had previously said any deal would take “our taxpayers’ dollars into consideration” and would have to be “good for the community.”
