The sale of the Tampa Bay Rays is nearly official.
A group led by Florida home developer Patrick Zalupski has agreed in principle to purchase the Rays from current owner Stu Sternberg for about $1.7 billion, according to The Athletic’s Evan Drellich and Ken Rosenthal.
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The sale is expected to be completed as soon as September, though neither the Rays nor Zalpuski’s group have commented publicly yet. The Rays confirmed last month that they were in “advanced talks” to sell the team to Zalupski’s group, and Zalupski reportedly signed a letter of intent to purchase the team.
Sternberg purchased the Rays in 2004 for about $200 million. In March, Forbes had the franchise valued at about $1.25 billion, which was the second-lowest valuation in MLB ahead of only the Miami Marlins. MLB commissioner Rob Manfred and other owners were reportedly pressuring Sternberg to sell the team earlier this year amid a long-running push for a new stadium.
Tropicana Field, which was built in 1990, was destroyed by Hurricane Milton last fall. As a result, the Rays are playing their 2025 regular-season home games at the New York Yankees’ spring training facility and minor-league complex. Manfred said last month that he hopes the Rays can return to Tropicana Field next season.
Although it previously appeared that a deal for a new stadium in St. Petersburg was imminent, a $1.3 billion deal for the project fell apart this spring. According to The Athletic, Zalupski is expected to keep the team in the Tampa Bay area, and he has a “strong preference” to remain in Tampa rather than move to St. Petersburg.
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Several teams have been sold across the league in the past few years, most recently the $1.725 billion deal for the Baltimore Orioles in March 2024. The Minnesota Twins had hoped to be sold before the start of the season earlier this year, but that has not happened.
The Rays entered the All-Star break with a 50-47 record, which has them in fourth in the AL East.
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