ST. PETERSBURG, Fla. — It’s official: The Tampa Bay Rays belong to a new ownership group.
The team confirmed the news Tuesday afternoon.
An ownership group led by Florida-based business executive Patrick Zalupski has closed on the purchase of the Rays.
The team didn’t release the purchase price, but reports have estimated it at $1.7 billion. That is about $500 million more than Forbes valued the team at when the 2025 season started.
Major League Baseball owners approved the deal last week.
“It’s an incredible honor to become the stewards of the Tampa Bay Rays, a franchise with a proud history and a bright future,” said Zalupski. “We are especially privileged to have been chosen by Stu Sternberg as his successors, and we’re all energized by the responsibility to serve Rays fans everywhere and this great game.”
Zalupski is the founder and CEO of Jacksonville-based home builder, Dream Finders Homes Inc. Zalupski will be joined at the executive level of his ownership group by:
– Bill Cosgrove, CEO of Ohio-based Union Home Mortgage, longtime title sponsor of the Union Home Mortgage Gasparilla Bowl in Tampa.
– Ken Babby, founder and CEO of Fast Forward Sports Group, which owns the Jacksonville Jumbo Shrimp, the AAA-affiliate of the Miami Marlins, and the Akron RubberDucks, the AA-affiliate of the Cleveland Guardians.
Stu Sternberg will maintain a stake in the Tampa Bay Rays. (Spectrum News)
The team has updated the front office portion of its website.
“I want to sincerely thank Commissioner Rob Manfred and the entire Major League Baseball community for their trust and support throughout this process, Zalupski said. “We will work hard to earn the respect and confidence of our fans and new MLB partners, and we are excited about the upcoming challenge to deliver a world-class experience on and off the field.”
Zalupski will serve as MLB control person (generally considered the owner with the largest stake of the team) and co-chair for the Tampa Bay Rays. Cosgrove will also serve as co-chair, while Babby is the chief executive officer and will oversee day-to-day business operations of the club.
Erik Neander, the Rays’ top-ranking baseball official currently in his 19th year of service to the Rays, will continue in his role as President of Baseball Operations.
It was announced earlier this month that Matt Silverman, one of the team presidents, was leaving his role with the team.
The Rays completed the 2025 season with a 77-85 record, missing the postseason for a second consecutive year. The team has reached two World Series — 2008 and 2020. The Rays debuted in 1998.
As part of the transaction, the Tampa Bay Rowdies, a USL Championship league team, has also been acquired.
Sternberg will keep a 10% stake in the team.