Breaking News: Sternberg to Sell Tampa Bay Rays for $1.7 Billion – What It Means for Fans and the Future

Tampa Bay Rays owner Stu Sternberg is set to sell the team for $1.7 billion to a group led by Florida developer Patrick Zalupski. This deal is expected to close in September, keeping the franchise in the area. Zalupski, who is based in Jacksonville, prefers Tampa over St. Petersburg for the team’s future home.

Sternberg acquired the Rays in 2004 for $200 million. Zalupski is the founder and CEO of Dream Finders Homes, a company that has built over 31,100 homes since it started in 2008. He is also on the board of trustees at the University of Florida.

The new ownership group includes Bill Cosgrove, CEO of Union Home Mortgage, and Ken Babby, who owns minor league teams Akron RubberDucks and Jacksonville Jumbo Shrimp.

Just a year ago, Sternberg was working on a plan for a new stadium in St. Petersburg, but after Hurricane Milton caused damage, he decided to halt those plans. In March, Sternberg stated that unforeseen events led to the difficult decision to stop the stadium project.

With this potential ownership change, questions arise about the future of the Rays’ stadium. Currently, the team is playing at George M. Steinbrenner Field in Tampa, the home of the New York Yankees’ spring training.

In recent years, the MLB has faced challenges with franchises relocating or needing new facilities. For example, the Oakland Athletics are also seeking a new stadium due to long-standing issues with their current venue. Some industry experts suggest that the Rays will need to find a modern stadium to stay competitive in attracting fans and revenue.

As the deal progresses, all eyes will be on the MLB owners’ approval and what plans Zalupski’s group will propose for the team’s future home. It will be interesting to see how community support and economic factors shape the Rays’ new chapter.

For further insights, check out this report from The Athletic.

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