Stu Sternberg's time owning the Tampa Bay Rays is seemingly nearing an end.
According to a report by The Athletic on Monday, the longtime ball club owner has agreed in principle to sell the team to a group led by Jacksonville developer Patrick Zalupski for approximately $1.7 billion.
The deal is expected to be completed as early as September.
The reported sale ends a 20-year tenure of Sternberg as owner of the Rays. He originally purchased the team for $200 million back in 2004 and took over as managing general partner in 2005. Now he sells the team for more than its $1.25 billion valuation according to Forbes magazine.
His departure ends a saga that reportedly included MLB commissioner Rob Manfred and other owners pressuring Sternberg to sell the team. The team has dealt with significant short-term and long-term stadium issues, registering the third-lowest attendance numbers last season.
The Rays' stadium issues stemmed from the devastation of Hurricane Milton and how it tore the roof off Tropicana Field in October, forcing the Rays to move to the New York Yankees' spring training home in Tampa for the 2025 season.
Before the hurricane, the Rays and the city of St. Petersburg 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. And 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 honouring 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.”
All of which has now led to Zalupski's group stepping in, although, according to The Athletic, they prefer for the team not to be in the St. Petersburg area moving forward.
In a June report by Sportico, Zalupski's group entered advanced talks to buy the team — the Rays announced last month they entered exclusive negotiations with the Florida investment collective — and even signed a letter of intent.
Zalupski is the founder, chairman and CEO of Dream Finders Homes, a Florida-based homebuilder. Ken Babby, who owns two minor-league baseball teams in the Akron RubberDucks and Jacksonville Jumbo Shrimp, is also part of the investment group.
— with files from the Associated Press
