Sternberg to sell Rays to Zalupski, deal to be final by September

The sale of the Tampa Bay Rays appears to be coming to fruition. A report from Evan Drellich and Ken Rosenthal of The Athletic says {that a} sale has been agreed to in precept which might see the membership be offered from present proprietor Stuart Sternberg to a gaggle led by Patrick Zalupski. 

The deal is value about $1.7B and is anticipated to be accomplished as quickly as September. The report provides that Zalupski plans to maintain the membership within the Tampa space, with a choice for Tampa correct over St. Petersburg. The sale would must be accepted by 75% of MLB house owners with a view to change into official.

It was reported a couple of month in the past that Sternberg was in “superior talks” to promote the workforce to Zalupski’s group. Shortly after that reporting emerged, Marc Topkin and Colleen Wright of the Tampa Bay Times spoke to hedge fund founder Journey Miller, who spoke of his need to get entangled within the bidding. It’s unclear if there was ever any likelihood of Miller’s group outpacing Zalupski’s, however it now appears principally confirmed that Zalupski’s group will likely be taking on.

As of a yr in the past, it appeared like Sternberg was going to stay round for a very long time. He bought the membership in 2004 for $200M. Since then, he has been looking for a long-term dwelling for the membership in order that the Rays might transfer on from Tropicana Area, which has lengthy been seen as inadequate and outdated for the main leagues.

Numerous proposals had been floated through the years, together with a inventive plan which might have seen the franchise break up its dwelling video games between Florida and Montreal. That was nixed however the Rays finally put a plan in place to construct a brand new stadium on the Tropicana Area web site. Below that plan, the Rays would keep at The Trop by means of 2027 however would open the brand new facility in 2028. They’d agreements in place with town of St. Petersburg, Pinellas County and personal buyers for the $1.2B undertaking.

That total plan was thrown off the rails in October when Hurricane Milton swept by means of the world, doing vital harm to The Trop, significantly the roof. The Trop grew to become unplayable for 2025 and the brand new stadium plan acquired delayed. Elections in October modified the composition of native authorities our bodies, with the brand new paradigm much less amenable to the Rays. The membership made preparations to play the 2025 season at George M. Steinbrenner Area in Tampa. That appeared to not sit effectively with some Pinellas County officers, as Steinbrenner Area is in Hillsborough County.

The connection between Sternberg and native officers appeared to bitter, as he claimed the delays would result in large value overruns. It was reported in March that the Rays wouldn’t be shifting ahead with the deliberate deal. That was shortly after it had been reported that league officers had been pressuring Sternberg to promote.

Now it appears the transition course of is making fast progress and Zalupski’s group might be on the helm a few months from now. That’s notable timing, as there are key issues to be labored out relating to the way forward for the franchise. It’s nonetheless unclear if the The Trop will likely be playable in time for the 2026 season. There’s additionally the standard baseball issues of payroll and issues of that nature. And naturally, new plans will must be developed for a future stadium.

As talked about, the report from The Athletic says Zalupski’s choice could be for the membership to be in Tampa correct, versus St. Petersburg. That’s one thing that must be negotiated with native officers and personal buyers. If the membership can chart a course in direction of a transfer into Tampa, there could be logic to that. It has been steered by many who The Trop’s location isn’t extremely accessible, which has contributed to the membership’s poor attendance figures through the years, regardless of usually fielding aggressive groups. A transfer to Tampa might assist in that regard, although earlier makes an attempt to get the membership into Tampa haven’t been profitable.

Zalupski is the CEO of Dream Finders Properties, a publicly traded, Jacksonville-based developer that has constructed greater than 31,000 properties throughout ten states. Forbes estimates his internet value at $1.4B, whereas his firm’s valuation rests at $3.4B.

The timeline for the Rays will even have penalties throughout the league. Commissioner Rob Manfred has lengthy insisted that enlargement wouldn’t be a sensible chance till the Athletics and Rays discovered new stadiums. The A’s are presently enjoying in West Sacramento however are anticipated to begin enjoying of their new Las Vegas stadium by the 2028 season. 

If that plan progresses on schedule and the Rays get a brand new stadium plan within the works, then enlargement will change into a extra lifelike chance.