TAMPA — The Rays announced Wednesday that they are in “exclusive discussions” with a group led by Jacksonville developer Patrick Zalupski “concerning a possible sale of the team.”
Per the Rays, the group also includes “prominent Tampa Bay investors” who were not named, as well as businessmen Bill Cosgrove, CEO of Union Home Mortgage that sponsors college football’s Gasparilla Bowl at Raymond James Stadium, and Ken Babby, who owns two minor-league baseball teams.
The team is expected to remain in the Tampa Bay area if the deal is completed, though it is not known where a stadium would be built.
The Rays said neither they nor the group will have further comment during the discussions.
Sportico first reported the discussions, saying the deal is for about $1.7 billion and noting that while Zalupski signed a letter of intent he does yet not have a purchase agreement “and the deal ultimately might not be completed.”
If an agreement is reached, Major League Baseball would have to do a thorough vetting of the new group, and others would have to approve the sale.
“The Tampa Bay Rays are part of this community, and we want them to stay right here in Tampa Bay,” said Tampa Mayor Jane Castor in a statement provided by a spokesperson. ”We’re optimistic that any new ownership will recognize the passion of our fans and the value of keeping the team rooted where they’ve been supported from the start.”
St. Petersburg Mayor Ken Welch declined comment.
A group led by Stuart Sternberg bought an interest in the Rays in 2004 from the original ownership group headed by Vince Naimoli, then took over control of the team in October 2005 and led the team to considerable success.
Reports and rumors of a potential Rays sale have circulated several times over the past several years. After the team in March backed out of an agreement to build a new stadium as part of a massive redevelopment in downtown St. Petersburg, several Tampa Bay area groups expressed interest in buying the team.
Without addressing those reports specifically, Rays president Matt Silverman said on March 13: “The team is not for sale.”
Zalupski, 44, is a home builder and developer from Ponte Vedra Beach. A donor to Gov. Ron DeSantis’ presidential campaign, he was appointed by the governor to the University of Florida Board of Trustees in 2023.
Zalupski, the chief executive and founder of Dream Finders Homes, is rumored to be the developer behind a controversial deal recently to trade away 600 acres of a wildlife preserve in St. Johns County. His general counsel previously told the Tampa Bay Times that Dream Finders was not involved in the proposal, but when the Times asked repeatedly if Zalupski was involved in his personal capacity, there was no response.
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Zalupski did not immediately return a call, voicemail or text message seeking comment.
Dream Finders, according to Sportico, has an enterprise value of $3.4 billion.
Thompson Whitney Blake, founder of the private equity firm Blake Investment Partners, said he’s known Zalupski for 15 years, and the two have done deals developing single-family homes in a handful of subdivisions.
He said the two have not discussed if Zalupski’s plans involve moving the team.
“If they’re going to move to Orlando or Tampa or Jacksonville, Patrick’s the right guy to do it,” Blake said. “Anything I’ve ever worked on with Patrick has gone well and anything he said he was gonna do he’s done.”
Blake offered the city of St. Petersburg $250 million to buy the Tropicana Field property on the same day Sternberg announced the club would not move forward to build a stadium and surrounding redevelopment.
He said if Zalupski relocates the Rays out of St. Petersburg, it could accelerate development on the Trop site. He said his deal would include building 2,000 units of affordable and workforce housing throughout the city.
“Depending on his next moves, this could certainly help our city come to a resolution,” Blake said.
The Rays were valued at $1.35 billion in Sportico’s annual valuations.
This developing story will be updated.
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