Tampa Bay Rays Sold to Jacksonville Developer for $1.7 Billion

ATLANTA — The sale of the Tampa Bay Rays from owner Stu Sternberg to a group led by Jacksonville developer Patrick Zalupski has been agreed to in principle for approximately $1.7 billion. The transaction is expected to finalize by September, according to a source familiar with the negotiations who spoke to The Athletic on Monday.

Zalupski plans to keep the team in the Tampa Bay area, focusing on a location in Tampa rather than St. Petersburg, the source added. Sternberg originally purchased the Rays for $200 million in 2004.

Zalupski’s group includes Bill Cosgrove, who runs Union Home Mortgage, and Ken Babby, owner of the Akron RubberDucks and Jacksonville Jumbo Shrimp. The group is currently unreachable for comment, and the Rays have also declined to provide statements.

In recent weeks, the Rays confirmed they were in exclusive negotiations with Zalupski’s group after signing a letter of intent. Other bidders remain hopeful about acquiring the team.

This sale could expedite the Rays’ ongoing search for a new stadium. For two decades, Sternberg has explored relocating the team away from Tropicana Field, which was built in 1990. Previous plans, including a proposal to divide the team’s home games between Florida and Montreal, fell through.

A recent strategy to construct a new stadium in St. Petersburg faced setbacks after Hurricane Milton caused significant damage. The storm impacted Tropicana Field, forcing the Rays to relocate this season to Steinbrenner Field, the spring training facility of the New York Yankees and home of the minor league Tampa Tarpons.

Following the hurricane, disputes over public funding for a new stadium further complicated matters, derailing an agreed $1.3 billion deal for a new venue in St. Petersburg.

MLB Commissioner Rob Manfred expressed optimism last month about the Rays’ return to Tropicana Field for the 2026 season. “The repair of the stadium is moving along,” Manfred said. “We are hopeful that we’ll be ready either for Opening Day or very shortly thereafter, depending on hurricane season.”