The Tampa Bay Rays, a Major League Baseball (MLB) franchise, are poised for a significant ownership change as principal owner Stuart Sternberg has entered exclusive negotiations to sell the team for approximately $1.7 billion. The prospective buyer is a group led by Jacksonville-based real estate developer Patrick Zalupski, alongside Bill Cosgrove, Ken Babby, and prominent Tampa Bay investors. The deal, first reported by Sportico on June 18, 2025, has progressed to a signed letter of intent, with expectations for completion as early as September 2025.
Stuart Sternberg, who purchased the Rays for $200 million in 2004, has overseen a successful era for the franchise, rebranding it from the “Devil Rays” to the “Rays” in 2008 and achieving the third-highest winning percentage in MLB (.545) since then, trailing only the Los Angeles Dodgers and New York Yankees. However, recent challenges, including the destruction of Tropicana Field by Hurricane Milton in 2024, have forced the team to play the 2025 season at George M. Steinbrenner Field, the New York Yankees’ spring training facility in Tampa.
The sale comes after years of uncertainty surrounding the Rays’ stadium situation. Sternberg’s efforts to secure a new ballpark, including a proposed $1.3 billion stadium in St. Petersburg and a novel plan to split home games between Tampa Bay and Montreal, fell through. Additionally, pressure from MLB Commissioner Rob Manfred and other owners, coupled with local politicians’ calls for Sternberg to sell, has accelerated the process. Reports indicate that the league prefers an owner committed to keeping the Rays in the Tampa Bay region, a commitment Zalupski’s group has emphasized.
Patrick Zalupski, a prominent Jacksonville developer, leads the investment group, which includes Ken Babby, owner of the Triple-A Jacksonville Jumbo Shrimp and Double-A Akron RubberDucks, and Bill Cosgrove, alongside unnamed Tampa Bay investors. The group has expressed a strong preference for keeping the Rays in the Tampa Bay area, with a focus on Tampa rather than St. Petersburg, where the team has played since its inception in 1998. Potential stadium sites in Tampa, such as Ybor City, have been discussed, though no firm plans have been confirmed.
The $1.7 billion valuation aligns with recent MLB franchise sales, such as the Baltimore Orioles’ $1.725 billion deal in 2024. However, another contender, Memphis-based hedge fund founder Trip Miller, has also emerged, claiming to have made an all-cash offer exceeding $1.7 billion. Miller’s group similarly intends to keep the Rays in Central Florida, specifically mentioning Hillsborough or Pinellas County. Despite this competition, Zalupski’s group remains in exclusive talks, though the letter of intent is non-binding, and Sternberg has reportedly backed out of deals in the past.
The potential sale has sparked optimism among local leaders, with Pinellas County Commissioner Chris Latvala stating, “It’s certainly good news that it appears the Rays are going to be sold to an ownership group that’s going to keep them in the Tampa Bay area.” The Rays’ lease at Tropicana Field expires in 2029, adding urgency to resolving the stadium issue under new ownership.
If finalized, the sale to Zalupski’s group would mark the first MLB team sale since the Orioles’ transaction in 2024.
