An ownership group led by Florida-based executive Patrick Zalupski has finalized the purchase of the Tampa Bay Rays. The sale, completed on Tuesday, received unanimous approval from Major League Baseball owners.
“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.
The new ownership group includes Bill Cosgrove, CEO of Union Home Mortgage, and Ken Babby, founder and CEO of Fast Forward Sports Group. Zalupski will serve as MLB Control Person and Co-Chair, with Cosgrove also serving as Co-Chair and Babby as Chief Executive Officer, overseeing day-to-day operations.
“Baseball is about joy, connection, and community,” said Babby. “We’re committed to delivering an exceptional fan experience while continuing the Rays tradition of excellence.”
Erik Neander will continue as President of Baseball Operations. Commissioner Rob Manfred welcomed the new owners, citing their passion for the game.
“Major League Baseball is pleased to welcome Patrick and his partners to the ownership ranks,” said Manfred.
In addition to the Rays, the ownership group also acquired the Tampa Bay Rowdies, a USL Championship league team. The transaction was overseen by legal and financial advisors from Foley & Lardner LLP, Andalusian Sports Advisors, Deloitte and Touche LLP, ArentFox Schiff, Goldman Sachs & Co. LLC, and Rockefeller Capital Management.
The new ownership marks the third in the team’s history since Tampa Bay was awarded an MLB expansion franchise in 1995. A news conference with the new owners is scheduled for Oct. 7 at 10:30 a.m.