MLB Approves $1.7B Tampa Bay Rays Sale to Zalupski Group

The Tampa Bay Rays have been sold for $1.7 billion to a group led by Jacksonville-based real estate developer Patrick Zalupski, with MLB owners unanimously approving the transaction. The current owner, Stuart Sternberg, who purchased the team for about $200 million in 2004, will retain a 10% stake. The Rays played the 2025 season at the New York Yankees' Steinbrenner Field due to damage to Tropicana Field from Hurricane Milton, which destroyed the stadium and led to the withdrawal from a $1.3 billion stadium project adjacent to Tropicana Field. Under Zalupski's leadership, the new ownership group has prioritized finding a new stadium site in the Tampa Bay area, having already scouted locations near Steinbrenner Field and in Ybor City, amid uncertainties about the team's long-term home. Despite Tropicana Field's expected readiness for the 2026 season, the Rays' lease there expires in 2028, and the new owners face the challenge of securing public funding or partnerships for a new stadium to enhance fan experience and profitability. Commissioner Rob Manfred has expressed expectations that the Rays will begin a renewed search for a ballpark site, highlighting the ongoing complexities of stadium development in the region.