The Tampa Bay Rays are in exclusive discussions to sell the franchise to a group led by Jacksonville, Fla., home builder Patrick Zalupski. Sportico first reported the talks, which value the team at approximately $1.7 billion.
SCOOP: MLB’s Rays in Advanced Talks for $1.7B Sale to Florida Home Builder ⚾https://t.co/bmLyl3Yemp via @sportico @kbadenhausen
— Scott Soshnick (@soshnick) June 18, 2025
The Rays confirmed the update in a statement Wednesday, saying they have “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.” No further comment was issued.
SCOOP: The Tampa Bay Rays are in advanced talks to sell the club to a group led by Jacksonville home builder Patrick Zalupski.
Parties have signed a letter of intent, and the price is roughly $1.7B. Details at @Sportico from @soshnick and me.https://t.co/gugFFMBnJe
— Kurt Badenhausen (@kbadenhausen) June 18, 2025
Zalupski has signed a letter of intent to purchase the team, but a final agreement is still pending. Stu Sternberg, the Rays’ principal owner since 2004, originally purchased the club for $200 million.
Zalupski, 44, is the founder, chairman, and CEO of Dream Finders Homes, a Jacksonville-based construction firm that has built over 31,000 homes across eight U.S. states. The company went public in 2021 and helped Zalupski become Jacksonville’s richest resident, with a net worth of $1.4 billion according to Forbes.
He also serves as a trustee at the University of Florida and previously worked in auditing at FedEx before entering the real estate and homebuilding industry.
Known partners in the bid include Cosgrove, CEO of Union Home Mortgage, and Babby, owner of two Minor League Baseball teams—the Jacksonville Jumbo Shrimp (Triple-A affiliate of the Miami Marlins) and the Akron RubberDucks (Double-A affiliate of the Cleveland Guardians).
The Rays’ sale discussions come after the collapse of a stadium redevelopment deal in St. Petersburg. The franchise was working with local officials to replace Tropicana Field, but failed to provide required financial documentation in time, leaving the project dead.
The Tropicana Field lease has been extended through 2028 following the lost 2025 season. Only $38.5 million of the $57 million needed for repairs has been approved by the city of St. Petersburg. According to the MLB Trade Rumors report, it’s uncertain whether construction will be completed in time for a 2026 return. A $1.3 billion stadium plan in the Gas Plant District was abandoned earlier this year. Tampa Bay Times reports the team is expected to remain in the Tampa Bay area, though a final stadium site has not yet been determined.
Following that breakdown, reports from The Athletic stated that MLB Commissioner Rob Manfred and other league owners began pressuring Sternberg to consider selling the club.
Patrick Zalupski has been trying to buy the Rays for a while, says @AJPierzynski12.
"I know they've had discussions with the city of Tampa about plots of land in different places." pic.twitter.com/X2iju5mlhz
— Foul Territory (@FoulTerritoryTV) June 18, 2025
The team is currently playing its 2025 home games at George M. Steinbrenner Field in Tampa, the New York Yankees’ spring training facility, after Tropicana Field was heavily damaged last year by Hurricane Milton.
Since rebranding from the Devil Rays in 2008, Tampa Bay has remained one of MLB’s lowest-spending teams but has consistently fielded competitive rosters. The Rays have made nine postseason appearances since 2008 and have maintained one of the top win percentages in the league during that time.
Despite the on-field success, fan attendance has lagged, ranking among the bottom four in MLB each year since 2011.
There are no current plans for the team to relocate. If completed, this would be the second MLB team sale since Steve Cohen bought the New York Mets in 2020.
This is a developing story.
