The sale of the Tampa Bay Rays franchise is nearing the finish line, with a September closing targeted. According to The Athletic, Jacksonville-based developer Patrick Zalupski, founder and CEO of Dream Finders Homes, is set to acquire the MLB team from long-time owner Stuart Sternberg for approximately $1.7 billion.
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Exclusive Negotiations Confirmed
The Rays announced in June they had entered exclusive negotiations with Zalupski’s group, a move that could anchor the team in Tampa Bay for decades to come. Sources confirm the investor group favors building a new stadium in Tampa rather than St. Petersburg—a key shift in the team’s future.
New Stadium Plans and Local Support
A confidential source close to the deal told Sports Talk Florida that Zalupski has brought on Tampa-based investors with ties to Hillsborough County, the City of Tampa, and Florida Governor Ron DeSantis.
“The group is confident a stadium in Tampa can be done in a way that benefits both the team and the city. With committed local ownership and investment, they expect attendance success similar to the Lightning and Buccaneers.”
If the transaction closes by September 2025, the new ownership would be in place for a potential postseason run, energizing fans and local leaders alike.
Rays on the Field: Chasing Wild Card Spot
Currently sitting at 50–47 at the MLB All-Star break, the Rays trail the Toronto Blue Jays by 5.5 games and are just 1.5 games back from the final AL Wild Card spot, keeping playoff hopes alive.
Sternberg, who acquired controlling interest in 2005 for $200 million, oversaw a successful run with the team—highlighted by two pennants and seven playoff appearances in 10 seasons (2016–2024). The Rays ten year record of 825 wins places them behind only the Dodgers, Astros and Yankees in on field success.
However, Steinberg’s tenure was marred by inability to secure a long-term stadium deal and persistent low attendance at Tropicana Field.
His last attempt—a stadium proposal tied to the Gas Plant redevelopment project in St. Petersburg—backed by both Pinellas County and the City of St. Petersburg but the Rays who agreed to the deal in the summer walked away in December. That, coupled with Hurricane Milton damaging Tropicana Field and relocating games to Steinbrenner Field in Tampa, prompted Major League Baseball to intervene.
Tropicana Field Repairs and Lease Extension
Repairs at Tropicana Field are underway and scheduled to complete by the 2026 season. The team’s lease was extended through 2029, providing the incoming ownership group a four-year runway to build a new stadium in Tampa.
Meet the Buyer: Dream Finders Homes CEO Patrick Zalupski
Zalupski’s $1.4 billion net worth and Dream Finders Homes’ valuation of $3.4 billion give his group serious buying power. Backed by unnamed Tampa businessmen, the group aims to lock down a long-term solution that secures the Rays’ future and boosts fan engagement in Hillsborough County.
