The sale of the Tampa Bay Rays is nearing completion and could be finalized as soon as September. The ownership group is led by Patrick Zalupski, a very successful housing developer from Jacksonville. Current owner Stu Steinberg will receive $1.7 billion for the team, which he purchased in 2004 for $200 million.
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Major League Baseball Commissioner Rob Manfred is undoubtedly not as recognizable as Taylor Swift, but when he’s at a ballpark, he’s always under the watchful eye of cameras. So, on Monday night, when he was in Atlanta watching the Home Run Derby, his prolonged time sitting next to the likely new owner of the Rays, Patrick Zalupski, did not go unnoticed.
While it’s not completely unheard of, it’s certainly not standard practice for Commissioner Manfred to be publicly seen with a potential buyer while a team is actively for sale. The league typically keeps ownership transitions private until deals are finalized or nearly finalized.
The plans for sale approval are likely to include discussions about a stadium as part of the MLB process; however, a stadium agreement is not required at this stage. Commissioner Manfred declined to specifically comment on the status of the deal. During a session with the Baseball Writers’ Association of America on Tuesday, he stated, “I have no reason to quibble with or dispute the reports that are out there.”
Most sales of MLB teams typically take between three to six months to finalize. However, the sale of the Baltimore Orioles for $1.75 billion was completed in just three and a half months, with David Rubenstein as the buyer. Rubenstein, a billionaire, is well-known in the baseball community and is a lifelong Orioles fan fitting all the boxes other MLB owners want to see.
In The Best interest of Baseball
The phrase “In the Best Interest of Baseball” is often used by the league to convey a serious message to owners, players, and the media. While there is no concrete evidence that Commissioner Manfred used this phrase when discussing the sale of the Tampa Bay Rays with owner Stuart Sternberg, having covered baseball for 50 years, it’s evident that the sale of the team aligns with the principles of the “In the Best Interest of Baseball” playbook.
Manfred’s Commitment To Keeping the Team in Tampa Bay
On December 6, 2024, Commissioner Manfred met with Florida Governor Ron DeSantis in Tallahassee to reassure him that the Rays would not be leaving the Tampa Bay Area. Three days later, he traveled to St. Petersburg to meet with Mayor Ken Welsh and members of the Pinellas County Commission. This meeting took place just before their vote to approve a stadium in the Gas Plant area.
Although the Rays had supported this plan in July, they backed out after hurricane Milton damaged the roof of Tropicana Field, citing potential cost overruns. Once the Rays turned down the St. Petersburg deal, Steinberg realized he had exhausted all options after various stadium proposals had been presented and subsequently rejected by the Rays’ ownership. It became clear to Commissioner Manfred that, “in the interest of baseball,” the Rays needed to be sold.
Time to Sale the Team
On June 18, 2025, the Rays confirmed that they had entered exclusive discussions with a group led by Patrick Zalupski regarding a potential sale of the team. On the same day, Sportico reported that Zalupski had signed a letter of intent to purchase the team for $1.7 billion. The Rays also released a statement acknowledging these negotiations.
The New Ownership Group Was Vetted
Several potential ownership groups expressed interest in purchasing the team from Sternberg, with some reportedly willing to pay an astounding $2 billion. Credit goes to JP Peterson, a longtime Bay Area sports personality, for being the first to identify the existence of multiple interested groups.
However, from my experience covering the sales of professional sports franchises, I have learned that the selection of an ownership group matters more than the financial offer. It is likely that Major League Baseball chose the Zalupski group to buy the Rays to ensure that the team remains in Tampa. This group has several yet-to-be-named partners from Tampa, and these minority owners are well-known in Hillsborough County and the City of Tampa, where they have successfully completed deals in the past.
Tampa Will Be The Home of The Rays
Tampa Mayor Jane Castor and Hillsborough County Commissioner are both eager to speak with the Zalupski group as soon as the bill of sale is finalized. My sources indicate that the group is particularly interested in the Ybor City site, which nearly came to fruition in 2018, as well as potential developments around the Florida State Fairgrounds site. Like many other new stadiums, the Zalupski group is also looking to create a stadium village area.
Keep Dreaming Orlando
On March 15, 2025, the Dreamers publicly announced that they had secured an anchor investor and were actively pursuing the Tampa Bay Rays. They cited the stadium collapse as a pivotal opportunity for their plans. If MLB Commissioner Manfred had wanted the Rays to relocate to Orlando, he would have selected their group to negotiate a deal instead of the Zalupski group.
However, if for some reason, which I can’t imagine, Tampa and St. Petersburg are unable to finalize a stadium deal, Orlando could become a potential option. It’s important to note that Orlando’s interest in acquiring the Rays is closely linked to the ownership—specifically, the Orlando Dreamers group. If the Rays are owned by someone outside this group, Orlando’s desire to bring the team to the city would significantly decrease.
The Dreamers may consider working on acquiring another franchise and relocating it to Orlando, or they might attempt to obtain an expansion franchise. However, the likelihood of MLB adding a third franchise to Florida is very low, particularly one located less than 90 miles from Tampa. The Rays could potentially block such a move or expansion because, technically, Orlando falls within their designated region.
PLAYOFF GAMES IN TAMPA
- MLB has confirmed that the Tampa Bay Rays will be allowed to play all their playoff and World Series home games at George M. Steinbrenner Field in Tampa—their temporary stadium for the 2025 season.
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