The Athletic was the first to report Monday that the Tampa Bay Rays are set to be sold to a group led by Jacksonville developer Patrick Zalupski in a deal that values the franchise at approximately $1.7 billion.
The sale has been agreed to in principle and is expected to close as soon as September, according to The Athletic.
The group includes Zalupski, founder of Dream Finders Homes; Bill Cosgrove, CEO of Union Home Mortgage; and Ken Babby, owner of the Akron RubberDucks and Jacksonville Jumbo Shrimp minor league teams. According to the report, the buyers intend to keep the Rays in the Tampa Bay region, with a preference for Tampa over St. Petersburg. Neither the Rays nor the prospective buyers have commented publicly on the transaction.
The franchise’s current owner, Stuart Sternberg, purchased the team in 2004 for $200 million. He has long struggled to secure a replacement for Tropicana Field, which was built in 1990 and has been at the center of failed redevelopment efforts for more than a decade. The most recent plan, which would have included a $1.3 billion new ballpark and surrounding development in St. Petersburg’s Gas Plant District, fell apart earlier this year after Hurricane Milton caused substantial damage to the stadium and surrounding infrastructure.
As a result of the hurricane, the Rays are playing the 2025 season at Steinbrenner Field in Tampa, the spring training home of the New York Yankees. MLB Commissioner Rob Manfred said last month the league remains hopeful the team can return to Tropicana Field in time for the 2026 season, though he noted that outcome is contingent on the upcoming hurricane season.
Sportico first reported in June that Zalupski’s group had signed a letter of intent. The Rays later confirmed they had entered exclusive negotiations. Other potential bidders, including a group led by Memphis hedge fund founder Trip Miller, were still pursuing the team as recently as last month but are no longer considered frontrunners.
The team’s lease at Tropicana Field expires after the 2027 season, and officials in both Tampa and St. Petersburg have signaled renewed interest in engaging with potential owners.
Reporting by Evan Drellich and Ken Rosenthal of The Athletic first disclosed the terms and timing of the proposed sale.
