The Tampa Bay Rays are in "exclusive discussions" with an investment group in Florida about a potential sale of the team.
"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 organization said on Wednesday.
Forbes has the Rays valued at $1.25 billion, which is much more than the $200 million Stuart Sternberg paid for the MLB franchise in 2004.
A view of the Tampa Bay Rays logo during an MLB game between the Tampa Bay Rays and Kansas City Royals on Jul. 2, 2024, at Kauffman Stadium in Kansas City, MO. (Scott Winters/Icon Sportswire via Getty Images)
The Rays are a team that is currently displaced from their home of Tropicana Field following the damage Hurricane Milton did to its roof in October 2024. They have been using the New York Yankees’ spring training facility, George M. Steinbrenner Field, as their home field this season.
The franchise initially had plans to build a brand-new stadium in St. Petersburg, which is where Tropicana Field resides, but that $1.3 billion development project was scrapped in March after Sternburg said the team would be withdrawing that agreement.
Instead, St. Petersburg is spending around $55 million to repair the Tropicana Field roof in hopes the Rays can return in 2026. However, the city and the Rays have an agreement that runs for three years to play at "The Trop," leaving the team’s future home still in limbo.
New ownership was brought up by St. Petersburg Mayor Ken Welch when the Rays withdrew from their previous agreement in March
A general overall aerial view of Tropicana Field and stadium dome damage from Hurricane Milton on Jan. 11, 2025, in St. Petersburg, Florida. (Kirby Lee/Getty Images)
"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."
While considered a small market compared to the other teams in their AL East division, the Rays are an intriguing team every season because of their development team in the minor leagues who continue to bring in new talent to impact the major league level each season.
The Rays have the 28th-highest payroll in MLB this season ($76.22 million, per Yahoo Sports), yet they enter Wednesday’s schedule with a 40-33 record – 2.5 games back of the Yankees for the division lead, while owning the top AL Wild Card spot.
A closeup view of the Tampa Bay Rays logo on the jersey worn by José Caballero #7 of the Tampa Bay Rays during the eighth inning against the Cleveland Guardians at Progressive Field on Sept.12, 2024, in Cleveland, Ohio. (Nick Cammett/Diamond Images via Getty Images)
Tampa Bay has also made five playoff appearances since 2019, including a loss to the Los Angeles Dodgers in the 2020 World Series. Their 80-82 record in 2024 was the worst record under .500 since 2017 where they finished with the same mark, making them a franchise that clearly knows how to get the job done on a budget.
Perhaps a new ownership group can pump more money into payroll once a new stadium situation is figured out.
The Associated Press contributed to this report.