New Rays owners introduced, pledge to build new stadium in Tampa Bay
/New Tampa Bay Rays ownership group, including Bill Cosgrove (left), CEO of Union Home Mortgage; Patrick Zalupski (middle), CEO of Dream Finders Homes; Ken Babby (right), founder and CEO of Fast Forward Sports Group | Rays
The new ownership group of the Tampa Bay Rays intends to keep the team playing in St. Petersburg, at least for now, while exploring potential sites around Tampa Bay for a permanent stadium.
On Tuesday morning at Steinbrenner Field in Tampa, the team’s new leadership, Managing Partner and Co-Chair Patrick Zalupski, Co-Chair Bill Cosgrove, and Chief Executive Officer Ken Babby, outlined their long-term vision to a room filled with reporters, former team executives, and public officials from both sides of the bay.
“It’s no secret that we need a new, forever home to secure the Rays’ long-term future in Tampa Bay, and delivering upon that objective will be our first priority,” said Zalupski, CEO of Jacksonville-based Dream Finders Homes Inc. “Our goal is to have a new world-class ballpark ready for opening day 2029.”
Under their current lease agreement, the Rays are required to play at Tropicana Field for three more seasons.
The team plans to return to the Trop in April 2026, pending completion of a $60 million renovation project that includes roof reconstruction and interior repairs caused by hurricane damage.
“We need a new ballpark. I don’t think that’s disputed by anyone,” Zalupski added. “We want to build a sustainable championship team. We’re confident we can be successful in Tampa Bay.”
New Tampa Bay Rays ownership group, including Bill Cosgrove (left), CEO of Union Home Mortgage; Patrick Zalupski (middle), CEO of Dream Finders Homes; Ken Babby (right), founder and CEO of Fast Forward Sports Group | Rays
The ownership group had agreed not to discuss stadium matters with local governments until their $1.7 billion purchase from longtime owner Stu Sternberg closed on September 30th. Now, with the sale complete, the search for a new stadium site is underway.
“We don’t want to pigeonhole ourselves to one location or site,” said Babby, who also owns two minor league franchises through his company, Fast Forward Sports Group. He acknowledged the “fatigue” among fans over the ongoing uncertainty surrounding the team’s future but expressed optimism about turning the page.
According to Zalupski, an ideal site would require at least 100 acres of developable land to accommodate not only a new ballpark but also a large-scale, mixed-use district. He cited The Battery in Atlanta, home of the Braves’ Truist Park, as a model for what the Rays hope to create.
“The Atlanta Braves have been incredibly generous with their time and resources to let us look at The Battery,” Zalupski said. “We think The Battery is the gold standard for what we want to build here in Tampa Bay.”
He described the vision as a “best-in-class, mixed-use development” anchored by a domed stadium with a non-retractable roof that could host 150 to 180 events per year, including concerts, festivals, and other major gatherings.
Tropicana Field repairs are ongoing after the home of the Rays in downtown St. pete was damaged during last year’s back-to-back hurricanes | St Pete Rising
While the team explores long-term options, the ownership group emphasized that Tropicana Field will receive substantial upgrades to improve the fan experience.
“We promise the fan experience will be better than ever—with a new roof, new video board, a new sound system, and other improvements, including some funded directly by the Rays,” Babby said.
The renovations, coupled with the leadership’s commitment to remain in St. Petersburg “for now,” signal stability during the transition period.
Zalupski thanked former owner Stu Sternberg for “building a franchise that is known for its innovation and success” and for trusting the new group “to carry that legacy forward.”
Sternberg, who owned the Rays for 18 years, retains a minority stake in the organization.
“It’s about stewardship,” Zalupski said. “We recognize the deep responsibility we now carry — to deliver a winning team on the field, as Rays fans are accustomed to and deserve, and an unforgettable experience for our fans. That’s a commitment we make with humility, pride, and great anticipation.”
As part of the sale, the ownership group also acquired the Tampa Bay Rowdies, the professional soccer team that plays at Al Lang Stadium on St. Pete’s downtown waterfront. The group said it has no plans to sell the Rowdies.
