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The sale of the Tampa Bay Rays from Stuart Sternberg’s group to one led by Jacksonville’s Patrick Zalupski was approved by MLB owners for a reported $1.7 billion.Plans for a new $1.3 billion Rays stadium were scrapped in the wake of Hurricane Milton destroying the roof of Tropicana Field in October 2024.Tropicana Field is expected to be playable in time for the 2026 season. The Rays’ home opener is scheduled for April 6.
In less than a week, the Tampa Bay Rays will officially be under new management.
MLB owners unanimously approved the team’s sale from a group led by Stuart Sternberg to one led by Jacksonville-based homebuilder Patrick Zalupski.
The deal was first reported in June and still needs to be finalized, but it officially marks a new chapter for the team seeking a new home and a fresh start. Tampa finished its home schedule Sept. 21 at its temporary home at the minor-league Steinbrenner Field. The Rays had 16 games delayed by rain and lightning in the open-air stadium, something that had never been a problem until a hurricane ripped the roof off Tropicana Field last year.
The Rays finished with a total attendance number of 786,750 in 2025, second-lowest only to the Athletics, who also are playing in a minor-league park this year. The low figure isn’t anything new — Tampa has finished in the bottom-5 for attendance each year since 2010 — but it’s still nearly half what they drew in 2024. It’s a big reason why the No. 1 issue the new ownership team will face is where to build a new stadium and whether they’ll be able to stay in the Tampa area.
Here’s what we know about the Rays sale and what’s next for the team’s stadium deal:
Who is the Tampa Bay Rays new owner?
The Rays were bought by a group led by Patrick Zalupski, the founder of Jacksonville-based Dream Finders Homes. Founded in 2008, the company says it has closed on more than 31,000 homes and has built houses in eight states, primarily in the Southeast. Dream Finders Homes went public in 2021, leading to Zalupski becoming a billionaire worth $1.6 billion, according to Forbes.
Zalupski is also tied to Florida Gov. Ron DeSantis, who placed him on the University of Florida Board of Trustees. Through his company, Zalupski donated $250,000 to a DeSantis super PAC, according to the Washington Post.
The new ownership group reportedly includes about 10 investors. The group also includes Bill Cosgrove, owner of Union Home Mortgage, and Ken Babby, who owns Minor League Baseball teams in Jacksonville and Akron, Ohio. According to the Tampa Bay Times, the list also includes Fred Ridley, chairman of Augusta National Golf Club and a member of the UF Board of Trustees, as well as Rick Workman, who previously was the “anchor investor” of the group looking to bring an MLB team to Orlando.
Stuart Sternberg isn’t completely parting ways with the team, as his ownership group is reportedly keeping a 10% stake in the team.
How much did the Tampa Bay Rays sell for?
The exact number is not known, but reports say the Rays sold for $1.7 billion. That would be in line with other recent MLB ownership sales, with the Baltimore Orioles sold in 2024 for a reported $1.725 billion. In 2004, the Sternberg group bought the Rays for $200 million.
Are the Rays moving to Jacksonville?
It’s highly unlikely, though it is possible since the group does include two prominent Jacksonville ties with Zapulski and Babby. The Rays’ ongoing stadium issues remain a key factor, as well (more on that in a bit).
That said, the expectation is for the Rays to stay in the Tampa area. Manfred has stated on numerous occasions that MLB is committed to keeping a team in the Tampa Bay market. The Tampa/St. Pete area ranks 11th as a TV market in 2023-24 and 17th for population size in 2023, while Jacksonville is 41st and 38th, respectively. On top of that, the group does include several other Tampa-area investors. The Tampa Bay Times hinted one of those is likely Dan Doyle Jr., the CEO of a Tampa-based office equipment company who has been involved in previous attempts to buy the Rays.
Where do the Tampa Bay Rays play?
That’s the billion-dollar question. Since coming into MLB in 1998, the Rays have played at Tropicana Field in St. Petersburg, across the Howard Frankland Bridge from the city of Tampa. However, Hurricane Milton tore the roof off the stadium in October 2024, making the stadium unplayable for the 2025 season. That also led to the cancellation of planned construction on a new stadium in the historic Gas Plant District nearby as city and team officials argued over unforeseen costs.
For the 2025 season, the Rays’ home stadium was Steinbrenner Field, the spring training home of the New York Yankees. The outdoor stadium posed problems for the Rays as they fought the Florida heat and sudden rains; they played their final home game of the season Sept. 21 with first pitch at 7:35 p.m. rather than the traditional Sunday afternoon start time.
Tampa Bay Rays stadium update
Repairs on Tropicana Field have been ongoing for months, and the stadium is expected to be ready in time for the 2026 season. The Rays’ first home game is scheduled for April 6.
As for what comes next, that’s a little murkier. The Rays’ amended agreement on the Trop runs through 2028, and getting a new stadium built in time for 2029 might not be feasible. The Tampa Bay Times reported the new ownership group is looking at Hillsborough County, including near Steinbrenner Field and Ybor City, where the Rays had previously negotiated for a new stadium in 2016.
Contributing: Niles Garrison, USA TODAY Network – Florida