Tampa Bay Rays negotiating potential sale to Jacksonville developer
The Tampa Bay Rays are playing home games this season at George M. Steinbrenner Field in Tampa, Fla., due to damage Tropicana Field sustained from hurricanes. File Photo by Steve Nesius/UPI | License Photo
June 18 (UPI) -- The Tampa Bay Rays are in advanced talks to sell the franchise to a group led by a Jacksonville, Fla.-based real estate developer Patrick Zalupski, a source with knowledge of the negotiations told UPI on Wednesday.
Sources told Sportico, MLB Network and the New York Post that Zalupski signed a letter of intent to purchase the franchise, which is valued at roughly $1.7 billion. The Rays' current principal owner, Stu Sternberg, bought the team for $200 million 2004.
The Rays said in a statement Wednesday that they recently "commenced exclusive discussions" with a group led by Zalupski, Bill Cosgrove, Ken Babby and Tampa Bay investors.
"Neither the Rays, nor the group, will have further comment during the discussions," the Rays said.
The Rays went 80-82 last year, posting a losing record for just the fifth time in 17 seasons. They are 40-33 this season. The Rays are playing home games this season at George Steinbrenner Field -- the New York Yankees' spring training site in Tampa, Fla., -- because of damage Tropicana Field from Hurricanes Milton and Helene.
The Rays announced last month that they canceled plans to build a new development and ballpark project. Delays from negotiations and hurricane damage hindered their ability to move to a new home.
The St. Petersburg City Council said in November that it will cost nearly $66 million to repair Tropicana Field in time for the 2026 season.
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