Rays Begin Talks To Sell Team With Potential To Stay in Tampa

The Tampa Bay Rays started talks Wednesday with a buying group led by Jacksonville builder Patrick Zalupski. The deal values the team at $1.7 billion.

"The Tampa Bay Rays announced that the team has recently commenced exclusive discussions with a group led by Patrick Zalupski, Bill Cosgrove, Ken Babby, and prominent Tampa Bay investors concerning a possible sale of the team," the Rays released in a statement.

The talks start as the team faces big stadium issues. After Hurricane Milton wrecked Tropicana Field's roof last fall, the Rays moved games to George M. Steinbrenner Field. City workers in St. Petersburg will spend $55 million fixing up Tropicana for 2026, but already running into hurtles. 

MLB's Rob Manfred and other team chiefs pushed owner Stu Sternberg to sell, as reported by The Athletic. The push got stronger when Sternberg backed out of building a $1.3 billion ballpark in St. Petersburg this March.

As Dream Finders Homes CEO, Zalupski brings strong money backing. His firm has built 38,000 houses in 10 states since 2008, now worth $3.4 billion. Forbes says Zalupski has $1.4 billion.

The buyers include Ken Babby, who runs two minor league clubs: the Jacksonville Jumbo Shrimp and Akron RubberDucks. Union Home Mortgage boss Bill Cosgrove joins as a money partner.

At $1.7 billion, the price sits just below the $1.725 billion paid for Baltimore's team last year. Back in 2004, Sternberg got the Rays for $200 million.

Mayor Jane Castor said that pending a sale of the team, she is extremely invested in moving the Rays to Tampa, with potential Ybor City stadium. "We can start planning for the future. Again, we have always been focused on keeping the Tampa Bay Rays in the Tampa Bay area. And I think we are taking one step closer to making sure that happens." Mayor Castor said to Bay News 9 at the annual Mayors Conference

While both sides signed first papers, no final deal exists yet. The team must stay at Tropicana through 2028, one year more than planned, due to this year's move.

The Rays played well with Sternberg in charge, winning two AL titles and making five playoff runs in six years. Yet fans rarely filled the seats.