The Tampa Bay Rays have agreed in principle to sell the franchise to a group led by Jacksonville developer Patrick Zalupski for approximately $1.7 billion, with the transaction expected to close by September, according to a source briefed on the process who spoke to The Athletic on Monday.
Zalupski\'s ownership group plans to keep the team in the Tampa Bay area, with a strong preference for relocating to Tampa rather than remaining in St. Petersburg. The sale marks a significant increase from the $200 million current owner Stu Sternberg paid for the franchise in 2004.
Zalupski founded Dream Finders Homes and leads an investor group that includes Bill Cosgrove of Ohio-based Union Home Mortgage and Ken Babby, who owns minor league teams the Akron RubberDucks and Jacksonville Jumbo Shrimp. The Rays entered exclusive negotiations with Zalupski\'s group last month after Sportico reported in June that the parties had signed a letter of intent.
Other potential buyers remained interested as recently as last month, including a group led by Memphis hedge fund founder Trip Miller. Neither Zalupski\'s group nor the Rays organization provided comment on the pending sale.
The ownership change could expedite resolution of the Rays\' two-decade search for a new stadium facility. Sternberg has unsuccessfully pursued multiple stadium projects since purchasing the team, including a controversial plan that would have split games between Florida and Montreal.
Hurricane Milton damaged Tropicana Field significantly this fall, forcing the team to play the upcoming season at Steinbrenner Field, the Yankees\' spring training facility. A previously agreed $1.3 billion deal to build a new St. Petersburg stadium collapsed this spring amid public funding disputes.
MLB Commissioner Rob Manfred expressed optimism last month about returning to Tropicana Field for the 2026 season, noting stadium repairs are progressing despite hurricane season concerns. The Athletic reported this spring that Manfred and some owners were pressuring Sternberg to sell the franchise.
\"The repair of the stadium is moving along,\" said Manfred. \"We remain optimistic that we will be ready either for Opening Day or very shortly thereafter. Obviously, the big contingency is what happens with hurricane season, right? There\'s not much you can do about that, other than keep your fingers crossed. But we are hopeful that we\'ll get it ready for Opening Day \'26.\"
