Rays Sale Set to Close by September: Tampa Area Remains Their Home, Says Insider

ATLANTA — The Tampa Bay Rays are on the verge of being sold. Current owner Stu Sternberg has agreed to sell the team for roughly $1.7 billion. This move is led by Patrick Zalupski, a developer from Jacksonville. The deal is expected to wrap up by September.

Zalupski plans to keep the team in the Tampa Bay area, with a focus on Tampa over St. Petersburg. Sternberg purchased the team for just $200 million back in 2004.

Zalupski’s group includes notable figures like Bill Cosgrove, who runs a mortgage company, and Ken Babby, owner of minor league teams. In recent months, they’ve been in serious discussions to finalize the sale. Other bidders, including Trip Miller, a hedge fund founder, are still in the mix.

This sale may significantly impact the Rays’ quest for a new stadium. For years, Sternberg has been exploring options beyond Tropicana Field, built in 1990. Attempts to establish a new home have often faltered, including a plan to share the team with Montreal. Reports indicate that MLB Commissioner Rob Manfred has pushed for Sternberg to sell as part of the search for a new stadium.

The recent hurricane, which caused serious damage to Tropicana Field, further complicated matters. The Rays ended up playing their home games at Steinbrenner Field, the New York Yankees’ spring training facility. Funding disputes also stalled a $1.3 billion stadium deal in St. Petersburg earlier this year.

Manfred expressed hope that the Rays could return to Tropicana Field for the 2026 season. He mentioned that repairs were progressing well but recognized the uncertainty brought on by hurricane season.

This situation has sparked lively discussions among fans and sports commentators. Many are eager to see how the new ownership will influence the team’s future and the long-standing stadium dilemma.

For more details on the Rays’ sale and its implications, check out this report from Sportico.

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Tampa Bay Rays, MLB, Sports Business