Tampa Bay Rays Consider $1.7B Sale To North FL Home Developer

ST. PETERSBURG, FL — Owners of the Tampa Bay Rays are in talks to sell the team to a north Florida home developer for $1.7 billion, according to multiple reports.

Principal owner Stu Sternberg is in advanced talks with a group led by Jacksonville’s Patrick Zalupski, Sportico first reported. He signed a letter of intent to buy the team.

The Rays are valued at $1.25 billion, according to Forbes magazine. Stuart Sternberg bought the Major League Baseball club for $200 million in 2004.

See Also:

• Tampa Bay Rays Abandon $1.3B St. Pete Stadium Deal
• Tampa Bay Rays To Play 2025 Season At Yankees Spring Training Facility
• Tropicana Field Roof Ripped Off In Hurricane Milton [PHOTOS]
• New Renderings Of Proposed St. Pete Stadium Revealed By Tampa Bay Rays

“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 club said Wednesday while declining further comment.

The potential sale comes after the Rays backed out of a $1.3 billion deal to redevelop 86 acres in the Historic Gas Plant District, including building a new stadium to replace Tropicana Field.

The announcement to abandon the deal came two weeks before a March 31 deadline to commit to building a new stadium and developing the land around it.

The redevelopment deal was in limbo since the fall, after Hurricane Milton tore the roof off Tropicana Field, the team’s home.

The Rays said the team plans to return to Tropicana Field in 2026 following repairs. When the Rays withdrew from the project, the city noted that it was possible the club would have new owners.

“If in the coming months a new owner, who demonstrates a commitment to honoring their agreements and our community priorities emerges, we will consider a partnership to keep baseball in St. Pete,” Mayor Ken Welch said in March. “But we will not put our city’s progress on hold as we await a collaborative and community-focused baseball partner.”

This article includes reporting by The Associated Press.

• Get The Latest Local News (For Free!) With One Quick Tap