Rays Owner Faces Intensified Pressure from Rob Manfred and MLB Peers to Sell Team Amid Stadium Setback

Pressure is mounting on Tampa Bay Rays owner Stu Sternberg to sell the team. This comes as he considers backing out of a stadium deal in St. Petersburg.

MLB Commissioner Rob Manfred and other team owners are reportedly encouraging Sternberg to sell. If he doesn’t, the league might reduce some of the Rays’ revenue-sharing funds, according to The Athletic.

There are local buyers interested in the team. One group is linked to Joe Molloy, a former minority owner of the New York Yankees. Molloy confirmed his interest in an interview with the Tampa Bay Times, stating, “Yes, I’m leading a group of prominent Tampa Bay-based investors who are interested in acquiring the Tampa Bay Rays.”

While he did not reveal all the names involved, reports suggest that members of the DeBartolo family, owners of the NFL’s San Francisco 49ers, might also be part of this effort. Additionally, local businessman Dan Doyle Jr. is reportedly in another interested group.

So far, Sternberg has not publicly shown interest in selling. However, speculation about his intentions is growing in both MLB and local business circles. He must decide by the end of March whether to proceed with the new stadium plan in downtown St. Petersburg.

By March 31, Sternberg faces several obligations to keep the ball rolling on the stadium deal. MLB has suggested that if a long-term solution, like selling the team or finalizing a stadium deal, isn’t found, they may cut into the Rays’ revenue-sharing money, which currently stands at around $60 million.

Molloy has stated that if his group takes over, they would like to continue with the proposed stadium project. He expressed commitment to keeping the team in St. Petersburg and building on the efforts made by local officials. “We are incredibly excited about this opportunity,” he shared.

The Rays have struggled to secure a new stadium for 17 years. Their situation worsened after Hurricane Milton caused damage to Tropicana Field, forcing the team to play this season at a minor league facility in Tampa.

Disagreements have surfaced between the Rays and local officials regarding funding for the new $1.3 billion stadium. The team feels that delays in voting by the county have inflated costs and argues that they shouldn’t have to bear the financial burden of these delays. Initially, the Rays were planning to contribute $700 million towards the downtown stadium project.