The Tampa Bay Rays may be headed for their biggest change in years, as owner Stuart Sternberg moves closer to selling the franchise, ending a years-long saga.
According to The Athletic, Sternberg has agreed in principle to a $1.7 billion deal with a group led by Jacksonville developer Patrick Zalupski, alongside Bill Cosgrove, Ken Babby, and other Tampa Bay investors. The sale—expected to be finalized by September 2025—would preserve the team’s roots in the Tampa Bay area, with Zalupski reportedly preferring Tampa over St. Petersburg for a future home.
The story begins with a turbulent backdrop. In October 2024, Hurricane Milton tore through parts of West Central Florida and shredded Tropicana Field’s domed roof with its Category 3 winds . The damage was extensive enough that St. Petersburg’s city council authorized roughly $55 million for repairs, aiming to have the stadium ready by the 2026 season . In the meantime, the Rays have been playing all home games at George M. Steinbrenner Field, the Yankees’ spring-training ballpark in Tampa—a setting where they’ve seen around 90 percent capacity attendance, compared to 38 percent at the Trop.
As the sale negotiations advanced, Tampa Mayor Jane Castor wasted little time in hinting at what this change could mean for the city. “Tampa would ‘dust off’ its previous stadium proposal,” she said, emphasizing that the city was ready to vie for a new ballpark. She added, “We’re going to do everything we can to keep them in Tampa Bay…preferably in the city of Tampa.” Nearby St. Petersburg Mayor Ken Welch responded more cautiously, referencing recent stadium setbacks—especially the collapse of a $1.3 billion retractable-roof plan in the historic Gas Plant District. Welch said at the time, “That bridge had been burned,” and that “new ownership would be needed for the city to consider a new stadium deal” .
The Gas Plant District project had promised a bold new future for the Rays, but Milton’s storm damage undermined the deal’s viability, leaving it in ruins by March of this year. With stadium talks derailed and roof repairs underway, the pressure to choose a long-term home intensified.
Into this moment, Zalupski’s group enters, armed with deep pockets and a preference for Tampa. Zalupski—founder and CEO of Dream Finders Homes—has delivered over 31,100 homes across ten states and sits on the University of Florida’s Board of Trustees . If MLB owners endorse the deal, as expected, the Rays could transition to new ownership in time for the fall 2025 season.
But questions remain. Will the team stay put at the Trop post-repairs, leveraging their extended lease now set to run through 2028 (or longer, depending on when the stadium is back up and running)? Will a newly energized Tampa launch fresh stadium talks in Ybor City or elsewhere? Or will St. Petersburg rebuild trust with the club and revive a revitalized vision for the Gas Plant District?
For Rays fans and the region alike, the answers during 2026–2028 could determine more than field location: they could reshape fan engagement, economic development, civic identity, and where the enduring spirit of Tampa Bay baseball lives.
