Latest news with #StuartSternberg
Globe and Mail
2 days ago
- Business
- Globe and Mail
Tampa Bay Rays say they're in talks for a potential sale amid stadium uncertainty
The Tampa Bay Rays say they are in 'exclusive discussions' with a Florida investment group for a potential sale of the team. The Rays are valued at $US1.25-billion, according to Forbes magazine. Stuart Sternberg bought the Major League Baseball club for $US200-million in 2004. '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 club said Wednesday while declining further comment. The potential sale comes at a precarious time for the Rays and their home ballpark. They are playing this season at the spring training home of the New York Yankees in Tampa after the roof of Tropicana Field in St. Petersburg was heavily damaged during Hurricane Milton last October. Before the hurricane, the Rays and the city had agreed on a plan for a $US 1.3=billion stadium development project next to Tropicana Field. In March, Sternberg said the club was withdrawing from that agreement. St. Petersburg is spending about $US55-million to repair Tropicana Field with a plan for the Rays to return there in 2026. The city and the club have a three-year agreement to play there. Beyond that, the club's future in the Tampa Bay area is uncertain. When the Rays withdrew from the project, the city noted that it was possible the club would have new owners. 'If in the coming months a new owner, who demonstrates a commitment to honouring their agreements and our community priorities emerges, we will consider a partnership to keep baseball in St. Pete,' Mayor Ken Welch said in March. 'But we will not put our city's progress on hold as we await a collaborative and community-focused baseball partner.'
Forbes
2 days ago
- Business
- Forbes
Who Is The Billionaire Making A Bid For The Tampa Bay Rays?
By Thomas Gallagher Patrick Zalupski On Wednesday, the Tampa Bay Rays announced that a group led by Patrick Zalupski—a homebuilding billionaire–entered exclusive negotiations to buy the team from principal owner Stuart Sternberg. The price being discussed: $1.7 billion, according to Sportico. The announcement comes amid uncertainty regarding the team's future in the Tampa Bay area following a series of failed stadium proposals–including plans for renovations of Tropicana Field or a new ballpark in St. Petersburg. Now, ownership could be turned over to a group headed by the 44-year-old CEO of a publicly-traded developer. Zalupski, whose net worth Forbes estimates at $1.3 billion, is the founder and CEO of Dream Finders Homes, a Jacksonville-based company that describes itself as one of the country's fastest-growing homebuilders. Zalupski's group is in talks with Sternberg, a former partner at Goldman Sachs who purchased the Rays in 2004 with fellow Goldman Sachs partner Matthew Silverman for a reported $200 million. The two other buyers joining Zalupski, according to a Rays announcement, are Bill Cosgrove, CEO of Union Home Mortgage, and Ken Babby, the founder of the Fast Forward Sports Group and owner of two minor league baseball teams. Zalupski did not immediately reply to a request for comment from Forbes. Born in the suburbs of Detroit, Zalupski's family moved frequently during his childhood, as Forbes first reported in 2021. After graduating with a degree in finance from Stetson University, he became an auditor at FedEx, a job he felt dispassionate about. When his parents divorced, his mother moved to Jacksonville, Florida, where she worked as a realtor. Zalupski soon followed and began helping with her business. He flipped his first property in 2004 at age 24. Reinvesting the profits from the deal, he then bought a nine-unit condo project in 2006–just before the housing market crashed. Despite taking a loss on the investment, the mistake formed the foundation of Dream Finders, which Zalupski cofounded with a construction partner, Mark McGuigan, and McGuigan's wife, Tobi, in 2008. As the real estate market began to rebound following the financial crisis, Dream Finders built 27 homes the following year. By 2013, the company had sold a total of more than 1,000 homes, and Zalupski bought out the McGuigans for an undisclosed amount. Zalupski then expanded Dream Finders beyond Florida into Georgia, then Colorado and Texas. In 2021 he took the company public on the New York Stock Exchange. He owns about half the company's shares and has 84% of the voting rights. The business has been profitable every year since its founding, Zalupski told Forbes in 2021. That remains true four years later, based on Securities and Exchange Commission filings. In its most recent year, Dream Finders closed on 38,000 homes and earned $335 million in net income on revenue of $4.4 billion. More than 90% of Zalupski's estimated fortune lies in his Dream Finders shares, per Forbes calculations. Since taking the company public four years ago, he's sold about $20 million worth of his stock, plus has entered into more than one pre-paid forward only sale agreement. Just how he's going to come up with hundreds of millions of dollars to finance the purchase isn't clear, though there is always the chance he pulled out dividends when the company was private. He'll also have partners and the group will likely borrow to fund the deal. The Rays, meanwhile, have gone through a tough stretch. In 2024, the roof at the team's stadium, Tropicana Field, was destroyed by Hurricane Milton. For the 2025 season, the Rays elected to play home games at Steinbrenner Field, the Yankees' spring training stadium, located nearby in St. Petersburg. It only seats 11,026, making it the smallest ballpark in Major League Baseball and roughly a quarter the size of Tropicana. With ticket sales down for the 2025 season and the foreseeable future, Zalupski's group might have a plan to turn the franchise around. Despite being relegated to a stadium more compact than the Oakland A's, who are destined for relocation, billionaire Zalupski and his rich partners' potential ownership may be a needed shot in the arm for the team's stadium issues.
New York Times
2 days ago
- Business
- New York Times
Tampa Bay Rays in ‘exclusive discussions' concerning possible sale
The Tampa Bay Rays are in 'exclusive discussions' concerning a possible sale of the franchise to a group including Jacksonville based real estate developer Patrick Zalupski, the team announced in a statement on Wednesday. News of the potential deal was initially reported by Sportico, which states the team's value at roughly $1.7 billion. In their statement, the Rays announced Bill Cosgrove and Ken Babby and unnamed prominent Tampa Bay investors as part of the group with Zalupski. Advertisement The possible move comes on the heels of a tumultuous eight months for the Rays and owner Stuart Sternberg , which have included numerous calls by local politicians for Sternberg to sell the team. Funding for the new $1.3 billion stadium at the Historic Gas Plant District in St. Petersburg was agreed to by all parties last July. However, the roof was ripped off of Tropicana Field amid strong winds from Hurricane Milton in October. Approval for the funding was subsequently delayed by both the city council and the Pinellas County Board of Commissioners, before eventually being agreed to in December and January. The Rays, however, pulled out of the agreement in March, citing elevated costs caused by the delayed funding. The relationship between the local government and Rays officials soured throughout the process. The Athletic's Evan Drellich reported in March that several other owners and MLB commissioner Rob Manfred were pressuring Sternberg to sell the team. Manfred has stated publicly that he'd like to keep the Rays in the Tampa Bay market, while Rays ownership never firmly committed to that. The Rays are playing the 2025 season at George Steinbrenner Field, the spring training home of the New York Yankees. The club has asked the City of St. Petersburg, who owns Tropicana Field, to have the stadium renovations completed in time for the 2026 season. However, completion of the project in time is far from certain, and the lease only runs through 2028. Manfred was asked about the Rays' stadium situation at MLB's owners meetings earlier this month. 'The repair of the stadium's moving along,' Manfred said. 'We remain optimistic that we will be ready either for Opening Day or very shortly thereafter. Obviously, the big contingency is what happens with hurricane season, right? There's not much you can do about that, other than keep your fingers crossed. But we are hopeful that we'll get it ready for Opening Day '26.' Advertisement When asked about the team's long-term future, he noted '(It's) clear they're gonna honor their lease through '28 and I don't really have anything to add beyond that right now.' Zalupski, 44, is the founder, president and CEO of Dream Finders Homes, which was formed in December 2008. Cosgrove is the CEO of Cleveland-based Union Home Mortgage. Babby currently owns two minor-league baseball teams, the Triple-A Jacksonville Jumbo Shrimp (Marlins) and Double-A Akron Rubberducks (Guardians) and is the son of former Phoenix Suns president of basketball operations Lon Babby. The Rays said in their statement that neither they nor the investment group would have any further comment during the discussions. (Top photo of Stuart Sternberg and Rays manager Kevin Cash: Thomas O'Neill/NurPhoto via Getty Images)
San Francisco Chronicle
2 days ago
- Business
- San Francisco Chronicle
Tampa Bay Rays say they are in talks for a potential sale amid stadium uncertainty
ST. PETERSBURG, Fla. (AP) — The Tampa Bay Rays say they are in 'exclusive discussions' with a Florida investment group for a potential sale of the team. The Rays are valued at $1.25 billion, according to Forbes magazine. Stuart Sternberg bought the Major League Baseball club for $200 million in 2004. '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 club said Wednesday while declining further comment. The potential sale comes at a precarious time for the Rays and their home ballpark. They are playing this season at the spring training home of the New York Yankees in Tampa after the roof of Tropicana Field in St. Petersburg was heavily damaged during Hurricane Milton last October. Before the hurricane, the Rays and the city had agreed on a plan for a $1.3 billion stadium development project next to Tropicana Field. In March, Sternberg said the club was withdrawing from that agreement. St. Petersburg is spending about $55 million to repair Tropicana Field with a plan for the Rays to return there in 2026. The city and the club have a three-year agreement to play there. Beyond that, the club's future in the Tampa Bay area is uncertain. When the Rays withdrew from the project, the city noted that it was possible the club would have new owners. '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,' Mayor Ken Welch said in March. 'But we will not put our city's progress on hold as we await a collaborative and community-focused baseball partner.' ___
2 days ago
- Business
Tampa Bay Rays say they are in talks for a potential sale amid stadium uncertainty
ST. PETERSBURG, Fla. -- The Tampa Bay Rays say they are in 'exclusive discussions' with a Florida investment group for a potential sale of the team. The Rays are valued at $1.25 billion, according to Forbes magazine. Stuart Sternberg bought the Major League Baseball club for $200 million in 2004. '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 club said Wednesday while declining further comment. The potential sale comes at a precarious time for the Rays and their home ballpark. They are playing this season at the spring training home of the New York Yankees in Tampa after the roof of Tropicana Field in St. Petersburg was heavily damaged during Hurricane Milton last October. Before the hurricane, the Rays and the city had agreed on a plan for a $1.3 billion stadium development project next to Tropicana Field. In March, Sternberg said the club was withdrawing from that agreement. St. Petersburg is spending about $55 million to repair Tropicana Field with a plan for the Rays to return there in 2026. The city and the club have a three-year agreement to play there. Beyond that, the club's future in the Tampa Bay area is uncertain. When the Rays withdrew from the project, the city noted that it was possible the club would have new owners. '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,' Mayor Ken Welch said in March. 'But we will not put our city's progress on hold as we await a collaborative and community-focused baseball partner.'
