Tampa Bay Rays say they are in talks for a potential sale amid stadium uncertainty

Key Points

• The Rays are in exclusive discussions with a Florida investment group led by Patrick Zalupski, Bill Cosgrove and Ken Babby over a possible sale of the team, now valued at $1.25 billion.
• These sale talks come amid stadium uncertainty after Tropicana Field’s roof was heavily damaged by Hurricane Milton, forcing the Rays to play this season at the Yankees’ spring training site in Tampa.
• In March, the Rays withdrew from a previously agreed $1.3 billion stadium development next to Tropicana Field, casting doubt on their long-term home beyond a three-year return deal.
• St. Petersburg plans to spend $55 million repairing Tropicana Field for a 2026 reopening, and Mayor Ken Welch said the city will partner with any new owner who commits to community priorities.

ST. PETERSBURG, Fla. (AP) — The Tampa Bay Rays say they are in “exclusive discussions” with a Florida investment group for a potential sale of the team.

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 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 club said Wednesday while declining further comment.

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.”

___

AP MLB: https://apnews.com/hub/MLB