Will Stu Sterberg be forced to sell his Rays’ business?
What is going on in St. Petersburg? According to reports, Major League Baseball Commissioner Rob Manfred is putting pressure on the owner of the Tampa Bay Rays’ franchise Stu Sternberg to sell his business to Tampa Bay residents who may have the wherewithal to purchase the team. Sternberg is not saying whether he wants to sell the business. There is another factor in the ownership drama. Sternberg and his partners have until March 31st to sign a deal which would see a partnership between Sternberg, the city of St. Petersburg and Pinellas County, Florida formed to build a stadium-village. The estimated cost of the stadium-village will be $1.3 billion but that cost probably will rise because of various factors. If that deal is not signed by March 31st then it will disappear. The St. Petersburg City Council voted to approve $287.5 million in bonds that are necessary to finance the $1.3 billion stadium. St. Petersburg also plans to kick in another $142 million for infrastructure including building roads and constructing sewer lines and the city plans to sell about 65 acres of public land well below the appraised value for $105 million for the property. Pinellas County is throwing in $312.5 million. The Rays’ ownership will pick up the rest of the tab.
Sternberg’s Tampa Bay Rays’ ownership partnership wants money from St. Petersburg and Pinellas County, Florida politicians to sign off on a deal to build a new St. Petersburg baseball facility and also the village surrounding the ballpark. The initial thought was the new stadium would open in 2028 but now it is 2029. Rays’ owner Stu Sternberg said he would be unable to absorb further cost overruns alone. It is estimated that Rays’ ownership would need to spend more than $150 million more on the stadium than budgeted. The Rays’ saga has taken a twist.
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