Tampa Bay Rays in Talks to Be Sold for $1.7 Billion

TAMPA, Fla. — The Tampa Bay Rays are in advanced negotiations to sell the team to a group led by Jacksonville, Florida, developer Patrick Zalupski. Sources, preferring anonymity, confirmed the team’s valuation is approximately $1.7 billion. Zalupski has signed a letter of intent (LOI) to purchase the franchise, though this document does not guarantee a final deal.

Stu Sternberg, the principal owner, acquired the Rays in 2004 for $200 million. Recently, various buyers have expressed interest in the team, with reports suggesting that MLB Commissioner Rob Manfred and other owners have pressured Sternberg to sell. The Rays’ organization declined to comment, and neither Zalupski nor Sternberg responded to requests.

If finalized, the sale would represent only the second MLB team acquisition since 2020, when Steve Cohen purchased the New York Mets for $2.42 billion. The Rays’ attempts to build a new stadium to replace Tropicana Field have faced setbacks, especially after Hurricane Milton damaged the St. Petersburg ballpark last year. Currently, the team is playing at Tampa’s Steinbrenner Field.

Zalupski founded and serves as CEO of Dream Finders Homes, a company specializing in first-time home construction. Since its inception in 2008, the company has built over 38,000 homes across ten states and went public in 2021, boasting an enterprise value of $3.4 billion. Zalupski, whose net worth is estimated at $1.4 billion according to Forbes, is also a member of the University of Florida Board of Trustees.

Among the known limited partners in Zalupski’s group are Ken Babby, owner of the Jacksonville Jumbo Shrimp and Akron RubberDucks, and Bill Cosgrove, CEO of Union Home Mortgage. Cosgrove’s company is a sponsor of the Gasparilla Bowl held at Tampa’s Raymond James Stadium.

Under Sternberg’s ownership, the Rays have maintained one of the lowest payrolls in MLB but have made nine playoff appearances since 2008, achieving a .545 winning percentage during that period. However, attendance at Tropicana Field has lagged, often ranking among the league’s lowest. Since 2011, the franchise has struggled to garner fan support, and attendance dropped below 18,000 per game in 2013.

The team’s ongoing financial struggle has been somewhat mitigated by nearly $60 million in annual revenue-sharing payments, propelling their valuation to $1.35 billion, as reported by Sportico.

The Rays are in second place in the American League East with a record of 40-33 and will face the Baltimore Orioles next. Should the sale to Zalupski’s group go through, it may alleviate the franchise’s concerns over relocation and the need for a new ballpark.