Tampa Bay Rays principal owner Stu Sternberg is in “advanced talks” to sell the franchise to a group led by a Florida-based residential developer.
Patrick Zalupski, a home builder in Jacksonville, has been identified as the potential lead buyer in a deal that values the team at about $1.7 billion. He already has executed a letter of intent to purchase the team, per Sportico, which first reported the talks.
Sternberg bought the Rays in 2004 for $200 million.
The team acknowledged the discussions in a statement, saying “The Tampa Bay Rays announced that the team has recently commenced exclusive discussions with a group led by Patrick Zalupski, Bill Cosgrove, Ken Babby and prominent Tampa Bay investors concerning a possible sale of the team. Neither the Rays nor the group will have further comment during the discussions.”
A year ago, Sternberg had a deal in place to build a new stadium in the Historic Gas Plant District, a reimagined recreational, retail and residential district in St. Petersburg, to replace Tropicana Field. However, after Hurricane Milton shredded the roof of the stadium last October, forcing the Rays into temporary quarters, Sternberg’s commitment has been less than resolute, saying the team would have to bear excess costs that were not in the budget.
In March, MLB commissioner Rob Manfred and some other owners began to privately push Sternberg to sell the franchise, The Athletic reported.
Zalupski is the president and CEO of Dream Finders Homes, founded in December 2008. He also is a member of the board of trustees at the University of Florida.
It is unclear what Zalupski’s group, if it ultimately goes through with the purchase and is approved by MLB owners, would do for a permanent stadium.
The Rays are currently playing at George M. Steinbrenner Field in Tampa, located at the site of the New York Yankees‘ spring training facility and home of their Single-A Tampa Tarpons.
#Rays #owner #advanced #talks #sell #team #Florida #group
