The Tampa Bay Rays are reportedly in advanced talks to be sold to a group led by Florida real estate developer Patrick Zalupski for approximately $1.7 billion. According to reports, the team will remain in the Tampa Bay area if the deal is finalized, marking a significant chapter for the MLB franchise.
Zalupski Leading the Charge
Patrick Zalupski, the CEO of Dream Finders Homes, a Jacksonville-based homebuilder, is spearheading the effort to acquire the Rays. Zalupski, who founded Dream Finders in 2008 and boasts a net worth of $1.4 billion according to Forbes, has signed a Letter of Intent (LOI) to purchase the team, as first reported by Sportico. However, an LOI doesn't guarantee the sale will be completed.
The purchasing group also includes Ken Babby, owner of the Jacksonville Jumbo Shrimp and another Minor League Baseball team, adding further baseball experience to the ownership mix. Bill Cosgrove and other prominent Tampa Bay investors are also part of the group.
Rays Confirm Discussions
"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," the Rays stated. They also indicated that neither the team nor the group will provide further comments during the ongoing discussions.
Future Stadium Uncertain
While the team is expected to remain in the Tampa Bay area, the location of a future stadium remains unclear. The Rays' current challenges stem from the damage inflicted on Tropicana Field by Hurricane Milton, forcing them to play their home games at George M. Steinbrenner Field, the New York Yankees' spring training home, this season. Tropicana Field is undergoing repairs and is anticipated to be ready for the 2026 season. Their lease expires in 2028, having been extended due to the current situation.
A previous plan for a new $1.3 billion ballpark in St. Petersburg was abandoned earlier this year due to unforeseen circumstances, including the hurricane damage. The reported sale price of $1.7 billion is slightly less than the $1.725 billion paid for the Baltimore Orioles last year, highlighting the current market value of MLB teams.