The Tampa Bay Rays confirmed they are in exclusive negotiations with a Florida-based investment group regarding a potential sale of the Major League Baseball team. The group is led by Patrick Zalupski, Bill Cosgrove, Ken Babby, and other prominent investors in the Tampa Bay region. The franchise, currently valued at $1.25 billion by Forbes, was purchased by current owner Stuart Sternberg for $200 million in 2004.
“The Tampa Bay Rays announced that the team has recently commenced exclusive discussions with a group led by Patrick Zalupski, Bill Cosgrove, Ken Babby and prominent Tampa Bay investors concerning a possible sale of the team,” the club said in a statement on Wednesday, while declining to comment further.
This potential ownership change arrives at a delicate moment for the franchise. The team is currently playing at George M. Steinbrenner Field—spring training home of the New York Yankees—due to significant roof damage sustained at Tropicana Field during Hurricane Milton in October. The disruption has intensified uncertainty around the club’s long-term location.
Prior to the storm, the Rays and the city of St. Petersburg had agreed to a $1.3 billion redevelopment plan to build a new stadium adjacent to Tropicana Field. That deal fell apart when Sternberg publicly withdrew from the agreement in March. The city, which is spending $55 million on Tropicana Field repairs, intends for the team to return by 2026 under a temporary three-year commitment. What happens beyond that remains unclear.
When Sternberg walked away from the redevelopment, St. Petersburg Mayor Ken Welch hinted at the possibility of a sale. “If in the coming months a new owner, who demonstrates a commitment to honoring their agreements and our community priorities emerges, we will consider a partnership to keep baseball in St. Pete,” Welch said at the time. “But we will not put our city’s progress on hold as we await a collaborative and community-focused baseball partner.”
