An agreement in principle has been reached for Major League Baseball’s Tampa Bay Rays to be sold to real estate developer Patrick Zalupski for approximately $1.7 billion, according to The Athletic. The deal, expected to be finalized by September – potentially before the end of the current MLB season – would keep the franchise in the Tampa Bay region.
The Rays, currently 50-47 and battling for a wildcard spot in the American League, have made two World Series appearances, losing to the Phillies in 2008 and the Dodgers in 2020.
Despite their on-field competitiveness, the team has consistently ranked among the least valuable MLB franchises. Forbes valued the Rays at $1.25 billion in March 2025, second-lowest among MLB’s 30 teams.
Current owner Stu Sternberg, who bought the franchise in 2004 for $200 million, revealed last month that the club had entered exclusive negotiations with Zalupski, a Jacksonville-based real estate executive. That dialogue now appears to have culminated in a deal.
One major question surrounding the team has been its stadium situation. The Rays recently withdrew from an agreement with St. Petersburg officials to construct a new stadium, casting uncertainty over their long-term home. Complicating matters, Tropicana Field – where the Rays have played since their 1998 debut – suffered roof damage from Hurricane Milton in October 2024.
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With repairs ongoing, the team is set to play its 2025 home games at Steinbrenner Field in Tampa, typically used by the New York Yankees for spring training. The Rays aim to return to Tropicana Field in 2026.