Photo: Dmytro Aksonov / E+ / Getty Images
Tampa, FL - Major League Baseball owners have unanimously approved the sale of the Tampa Bay Rays to a group led by Jacksonville developer Patrick Zalupski.
The transaction is expected to close later this week, pending formal finalization.
The deal is valued at approximately $1.7 billion, making it one of the most significant franchise sales in MLB history.
Patrick Zalupski, founder and CEO of Dream Finders Homes, heads the new ownership group.
Other members include Ken Babby, who owns multiple minor league baseball teams, and Bill Cosgrove, CEO of Union Home Mortgage.
Stuart Sternberg, the current principal owner who purchased the team in 2004 for $200 million, will retain a minority stake in the franchise.
The sale follows the collapse of a $1.3 billion stadium project in St. Petersburg in March 2025.
Delays and rising costs, including damage from Hurricane Milton, led the Rays to continue playing home games at George M. Steinbrenner Field in Tampa.
MLB Commissioner Rob Manfred has stated that the new ownership group intends to work toward securing a permanent stadium in the Tampa Bay region.
Potential sites under consideration include areas near Raymond James Stadium or Ybor Harbor.
The Rays’ lease at Tropicana Field expires in 2028, and the team is not currently under a non-relocation agreement, allowing for potential relocation discussions.
However, both the new ownership group and MLB have indicated a preference for keeping the franchise in the Tampa Bay area.
The formal closing of the sale later this week will mark a significant transition for the team and its future operations.