- Tampa Mayor Jane Castor described the development as “a very positive step,” adding, “MLB has said that they want to ensure that the Rays stay in Tampa. My understanding is that individuals that are purchasing the team, that is their intent — to keep them in the Tampa Bay area as well.”
In a move that could reshape the future of Major League Baseball in the region, Tampa Bay Rays principal owner Stu Sternberg is negotiating the sale of the franchise for approximately $1.7 billion. Sternberg, who purchased the team in 2004 for around $200 million, has signed a letter of intent with a Florida-based investment group led by Patrick Zalupski, CEO of Dream Finders Homes.
Other notable investors involved include Bill Cosgrove, Ken Babby, and several Tampa Bay community figures. Though a letter of intent has been signed, the agreement is not final, and negotiations remain fluid. However, this exclusive window of talks reflects mounting pressure on the franchise to stabilize its future, both financially and geographically.
The sales discussions come at a critical time. A major stadium project proposed for St. Petersburg’s Historic Gas Plant District—valued at $1.3 billion—collapsed due to funding delays and extensive damage caused by Hurricane Milton in 2024. The storm also inflicted significant damage on Tropicana Field, the Rays’ longtime home, forcing the team to temporarily relocate to George M. Steinbrenner Field in Tampa for the 2025 season.
Behind the scenes, MLB Commissioner Rob Manfred has reportedly encouraged Sternberg to pursue a sale, increasing speculation that the league is eager for fresh leadership to resolve the franchise’s longstanding stadium dilemma.
Despite ownership uncertainty, local officials have expressed optimism. Tampa Mayor Jane Castor and St. Petersburg Mayor Ken Welch both signaled support for keeping the team in the region, welcoming the potential new ownership group and emphasizing their willingness to explore new stadium solutions. Prospective locations include Tampa’s Ybor City and other sites throughout the Bay Area.
On the field, the Rays continue to punch above their weight. Despite operating with one of MLB’s smallest payrolls, they boast the third-highest winning percentage in the league since 2008. As of mid-June 2025, the team holds a 43–34 record ( 1.5 GB ) and is positioned for a potential Wild Card berth.
If finalized, the sale would represent MLB’s third major team transaction in recent years, following the Mets’ sale in 2020 and the Orioles’ sale in early 2024. These deals reflect a surge in franchise valuations across the league, even as teams contend with infrastructure and relocation challenges.
Looking ahead, the Rays’ path forward will require extensive due diligence, MLB ownership approval, and likely a new stadium agreement that satisfies both public and private stakeholders. Whether the team returns to a renovated Tropicana Field by 2026–27 or breaks ground on a modern facility elsewhere in the region remains to be seen.
One thing is clear: the Tampa Bay Rays are on the cusp of a new era—an inflection point not just for the franchise, but for the future of professional baseball in Florida.
