Rays' New $2.3B Stadium Tentatively Approved By Local Officials, Latest Timeline Revealed

The Tampa Bay Rays and Hillsborough County have agreed to a memorandum of understanding (MOU) on a proposal for the team's new stadium, according to Spectrum News.

While the preliminary terms of the deal have been agreed upon, it isn't binding just yet.

As part of the memorandum, the Rays estimated the total cost of the ballpark to be $2.3 billion. The stadium must have capacity of at least 31,000 seats and the goal is to be ready in time for the 2029 MLB season.

Rays Chief Executive Officer Ken Babby released a statement following Thursday's agreement.

"The Tampa Bay Rays are delighted to announce that we have reached a Memorandum of Understanding on a new ballpark proposal, working alongside staff at Hillsborough County and the City of Tampa," Babby said in the statement, via Spectrum News. "We are extremely grateful for the commitment and spirit of partnership demonstrated by all parties throughout this important process and occasion for our community."

Tampa Bay previously released renderings of the proposed park.

On Jan. 20, the Rays reached an agreement with Hillsborough College to construct the stadium and a mixed-use district on the college campus.

Tampa Bay has played at Tropicana Field in St. Petersburg since 1998, although the team's current lease expires at the end of the 2028 season.