It’s official: The Tampa Bay Rays have been sold to Jacksonville billionaire
/It’s official. The Tampa Bay Rays have been sold.
An ownership group led by 44-year-old billionaire Patrick Zalupski, CEO of Jacksonville-based Dream Finders Homes, has finalized the $1.7 billion purchase of the Major League Baseball franchise from longtime owner Stu Sternberg.
The transaction closed Tuesday following unanimous MLB approval last week. An introductory media session is scheduled for October 7th.
“It’s an incredible honor to become the stewards of the Tampa Bay Rays, a franchise with a proud history and a bright future,” said Zalupski in a statement. “We are especially privileged to have been chosen by Stu Sternberg as his successors, and we’re all energized by the responsibility to serve Rays fans everywhere and this great game.
Commissioner Rob Manfred added, “Major League Baseball is pleased to welcome Patrick and his partners to the ownership ranks. Their collective experience and passion for the game will serve the Rays well as they enter this exciting new chapter."
Steinbrenner Field in Tampa, a temporary home of the Rays | Tampa bay rays
Sternberg, who bought the Rays in 2004 for $200 million, will remain involved with a roughly 10% stake.
Under his leadership, the club reached the postseason nine times, won the American League East four times, and captured two pennants.
Despite consistently ranking near the bottom of the league in payroll and attendance, the Rays posted the sixth-best winning percentage in baseball over the past two decades.
Zalupski will serve as lead investor and chairman of the new ownership group.
Joining him are Bill Cosgrove, CEO of Union Home Mortgage, and Ken Babby, founder of Fast Forward Sports Group and owner of minor league baseball clubs in Jacksonville and Akron, Ohio.
Zalupski will serve as MLB Control Person and Co-Chair of the Tampa Bay Rays, alongside Cosgrove, who will also hold the title of Co-Chair. Babby has been appointed Chief Executive Officer and will manage the club’s day-to-day business operations. Erik Neander, the Rays’ top baseball executive now in his 19th year with the organization, will continue as President of Baseball Operations.
Patrick Zalupski, the new owner of the Tampa bay rays
Zalupski and Cosgrove will establish an executive advisory board composed of select investors of the broader ownership group including Dr. Rick Workman, Doug Hertz, Will Weatherford, Robert Skinner, Dan Doyle, Jr., and Matt Silverman. Fred Ridley will also serve as an independent member of the executive advisory board.
The transition also triggered major leadership changes.
Team presidents Matt Silverman and Brian Auld stepped down earlier this year, a move that foreshadowed the sale. Auld will stay on as a senior adviser during the transition and remain vice chairman of the Tampa Bay Rowdies soccer team.
The sale comes at a critical time for the franchise. Tropicana Field, the team’s longtime home in downtown St. Pete, sustained extensive roof damage during last year’s back-to-back hurricanes, forcing the Rays to relocate to Steinbrenner Field in Tampa for the 2025 season.
The City of St. Petersburg is spending over $55 million to repair the ballpark, which it is legally obligated to maintain under a 1995 agreement. The Rays are expected to return to Tropicana Field in 2026.
However, Zalupski’s group has made clear that its long-term focus is on securing a new stadium, likely in Tampa. Possible sites include Ybor City, the Florida State Fairgrounds, Jefferson High School, and WestShore Plaza.
St. Petersburg remains a candidate but is viewed as a lower priority. St. Pete Mayor Ken Welch recently said he has not yet spoken with the new ownership group.
The sale also includes the Tampa Bay Rowdies, the United Soccer League franchise owned by the Rays. The Rowdies recently secured a one-year lease extension at Al Lang Stadium, keeping the team on the downtown St. Pete waterfront through 2026. The new owners have not yet announced any changes for the soccer club.
The Tampa bay Rowdies at al lang stadium | tampa bay rowdies
