Hurricane Milton shredded the roof of Tropicana Field on Oct. 10, 2024. |
Published on June 18, 2025 at 3:37 pm
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The Tampa Bay Rays say they are in “exclusive discussions” to potentially sell the team to a Florida investment group, including a prominent homebuilder from Jacksonville.
The potential buyers include billionaire Patrick Zalupski, the 44-year-old CEO of Dream Finders Homes who lives in Ponte Vedra.
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The purchasing group also includes the owner of the Jacksonville Jumbo Shrimp, Ken Babby, according to the online sporting news site Sportico.
The Rays are valued at $1.25 billion, according to Forbes magazine. Stuart Sternberg bought the Major League Baseball club for $200 million in 2004.
The club confirmed the discussions but declined further comment. The team’s statement said, “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.
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The potential sale comes at a precarious time for the Rays and their home ballpark. They are playing this season at the spring training home of the New York Yankees in Tampa after the roof of Tropicana Field in St. Petersburg was heavily damaged during Hurricane Milton last October.
Before the hurricane, the Rays and the city had agreed on a plan for a $1.3 billion stadium development project next to Tropicana Field. In March, Sternberg said the club was withdrawing from that agreement.
St. Petersburg is spending about $55 million to repair Tropicana Field with a plan for the Rays to return there in 2026. The city and the club have a three-year agreement to play there. Beyond that, the club’s future in the Tampa Bay area is uncertain.
When the Rays withdrew from the project, the city noted that it was possible the club would have new owners.
“If in the coming months a new owner, who demonstrates a commitment to honoring their agreements and our community priorities emerges, we will consider a partnership to keep baseball in St. Pete,” Mayor Ken Welch said in March. “But we will not put our city’s progress on hold as we await a collaborative and community-focused baseball partner.”
