The sale of the Tampa Bay Rays is expected to be finalized soon, with a report from The Athletic stating that Rays owner Stu Sternberg has agreed in principle to a $1.7 billion deal to sell the franchise to a group led by a Florida-based real-estate developer, Patrick Zalupski.
After the destruction of Tropicana Field by Hurricane Milton last fall, the Rays have been hosting their home games this season at the New York Yankees’ spring training site. The report from The Athletic’s Evan Drellich and Ken Rosenthal stated that allthough the transaction has not been publicly confirmed by either the Rays or Zalupski’s group, the team did acknowledge last month that they were in “advanced discussions” regarding the sale. Zalupski is also said to have signed a letter of intent to buy the team. The agreement is anticipated to close by September.
In March of this year, Forbes estimated the team’s value at about $1.25 billion—ranking it second to last among Major League Baseball franchises, ahead only of the Miami Marlins. Sources say MLB Commissioner Rob Manfred and several team owners have been urging Sternberg to step aside, citing the team’s ongoing stadium issues.
Tropicana Field, the team’s longtime home stadium which opened in 1990, sustained severe damage from Hurricane Milton in the fall of 2024, leaving the Rays without a permanent home for the 2025 season. Until repairs are made or a new facility is secured, the team is playing its home schedule at the Yankees’ minor league and training complex in Florida. Manfred expressed hope last month that the Rays might return to Tropicana Field next season
Earlier plans to construct a new stadium in St. Petersburg collapsed earlier this year, despite a proposed $1.3 billion deal that once seemed close to being finalized. According to The Athletic, Zalupski is committed to keeping the team in the Tampa Bay region, though he is said to favor a future stadium location in Tampa over St. Petersburg.
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