The winds of change are officially blowing through Tampa Bay, and they’re carrying $1.7 billion with them. That’s the ballpark figure (pun absolutely intended) that marks the sale of the Tampa Bay Rays to a group led by none other than Patrick Zalupski, the home-building mogul from Jacksonville. And yes, Rob Manfred has given it the green light. “It’s good to go,” says the commissioner. Short and sweet, like a 3-pitch inning.
Sternberg Steps Back After Two Decades of Control
Stuart Sternberg, who bought the Rays for a mere $200 million back in 2004 — back when Tropicana Field still looked like an indoor Costco with turf — is stepping into the background. He’s holding onto a minority stake, but the spotlight now belongs to Zalupski and his crew. Who’s that exactly? Glad you asked.
Zalupski is the CEO of Dream Finders Homes, and if you’ve driven past new developments in any of ten states lately, there’s a decent chance his company had a hand in it. He’s worth $1.4 billion, according to Forbes, and his company’s valuation? $3.4 billion. This guy builds things — homes, wealth, and now, potentially, a new future for the Rays.
But it’s not just a solo act. Word is, he’s joined by Ken Babby — a man with deep minor league baseball ties — and Bill Cosgrove, the CEO of Union Home Mortgage. A well-rounded trio with sports, finance, and real estate on lock. That’s a group that screams “long-term investment,” not “flip-this-franchise.”
Tampa, Not St. Pete? Stadium Drama Still Looms
Here’s where issues arise, though. The stadium. Zalupski reportedly wants to relocate the team from St. Petersburg to Tampa proper, shifting from Pinellas County to Hillsborough. Why? Well, let’s be honest — it’s been a long, rocky saga with St. Pete’s local government, and a fresh start across the bay could grease the wheels for a new stadium deal. That said, they’ll still have to dance with a whole new group of officials and find someone to foot the bill. That’s not a fast or easy process — just ask any team that’s tried to move stadiums without a blank check from taxpayers.
Meanwhile, the Rays are currently playing at George M. Steinbrenner Field — the Yankees’ spring home — thanks to Hurricane Milton trashing Tropicana Field like a rock band in a hotel room. The plan is to be back at The Trop by 2026, but with only three years left on that lease, the clock is ticking if a new stadium is in the cards.
Will New Money Mean a Bigger Payroll? Don’t Bet the Farm
And let’s not forget about the front office shuffle. Presidents Matt Silverman and Brian Auld are out once the ink dries on the deal. But don’t panic — Erik Neander (President of Baseball Ops) and Kevin Cash (Manager) are still locked in through 2028 and 2030, respectively. These two are widely respected, and their presence probably helped seal the deal for Zalupski’s group.
Here’s the question fans are whispering: Does this mean more spending? It’s the age-old dream. But while Mets fans are swimming in Steve Cohen’s billions, teams like the Marlins, Royals, and Orioles haven’t exactly opened their wallets since their ownership changes. Zalupski might take a page from either playbook — we just don’t know yet.
So, the Rays era under Sternberg — scrappy, smart, and always just a few dollars short of a blockbuster — is winding down. In steps a new ownership group with deep pockets, big ambitions, and a long to-do list.
Next up? A stadium fight, budget speculation, front-office decisions… and maybe, just maybe, a new chapter of relevance and revenue for the Rays.
