Stu Sternberg Reportedly to Sell Rays for $1.7B, MLB Team Likely to Stay in Tampa Area

The Tampa Bay Rays are reportedly set to undergo a change in ownership later this year.

According to Evan Drellich and Ken Rosenthal of The Athletic, Rays owner Stu Stenberg has agreed in principle to sell the team to a group led by Jacksonville developer Patrick Zalupski for nearly $1.7 billion, and the sale is expected to be completed as soon as September. A source noted that Zalupski is "expected to keep the team in the Tampa Bay area, with a strong preference to be in Tampa rather than St. Petersburg."

Scott Soshnick and Kurt Badenhausen of Sportico reported on June 18 that Zalupski’s group was in advanced talks to purchase the Rays from Sternberg, who bought the team for $200 million in 2004. The Rays said in a statement that they were in exclusive talks with Zalupski's group, which also includes Bill Cosgrove, who runs Ohio-based Union Home Mortgage, and Ken Babby, who owns a pair of minor-league teams. Zalupski is the founder of Dream Finders Homes.

Despite the team's commitment to negotiating with Zalupski's group, Drellich and Rosenthal noted that other bidders were still hopeful of landing the team as recently as last month. Memphis hedge fund founder Trip Miller reportedly was among those to make an offer.

Earlier this year, Drellich reported that Sternberg was "being pressured to sell his team by MLB commissioner Rob Manfred and some other owners." In two decades at the helm, Sternberg has struggled to achieve the longtime goal of securing a new stadium for the Rays. His most recent plans for a new stadium in St. Petersburg were derailed after Hurricane Milton devastated the area last fall. Manfred said last month that there's hope the team will be able to return to Tropicana Field next year.

"The repair of the stadium is moving along," Manfred said. "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."