Major League Baseball owners unanimously approved the sale of the Tampa Bay Rays to Jacksonville residential developer Patrick Zalupski, the Tampa Bay Times reported Monday.
“It’s good to go,” MLB commissioner Rob Manfred told the Tampa Bay Times. “It’s official in terms of our internal processes subject just to their closing, but it’s always subject to the closing taking place.”
The sale is expected to be completed later this week. The team did not have a comment as of Monday evening.
The Rays confirmed in June that principal owner Stu Sternberg was in talks to sell the franchise to a group led by Zalupski, with a reported valuation of about $1.7 billion.
Zalupski, 44, has multiple partners on board but will be the designated control person with MLB. He is the CEO of Dream Finders Homes and a member of the University of Florida board of trustees.
Sternberg purchased the Rays in 2004 for $200 million. He had worked toward an agreement for a new stadium and recreational district in St. Petersburg to replace the team’s current home, Tropicana Field. However, Hurricane Milton shredded the roof of Tropicana Field last fall, and Sternberg said the team did not have the budget to bear additional costs for repair.
Tropicana Field is scheduled for an April 6 re-opening, per the Tampa Bay Times. The Rays spent the 2025 season at George M. Steinbrenner Field, the spring training home of the New York Yankees. The team’s lease at Tropicana Field runs through 2028.
Sternberg changed the team’s name from the Devil Rays to the Rays during his tenure and, under his stewardship, they reached the playoffs for the first time. The Rays reached the World Series in 2008 and 2020, losing both times, and made five straight playoff appearances from 2019-23 despite operating with one of the smallest payrolls in the sport.
According to Spotrac, the Rays carried a total payroll of $86,197,968 this season — ranking 26th out of the 30 MLB teams. The Rays are 76-80 this season with six games to play and have been eliminated from postseason contention.
–Field Level Media
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