Tampa Bay Rays principal owner Stu Sternberg is in talks to sell the franchise to a group led by a Florida-based residential developer.
Patrick Zalupski, a home builder in Jacksonville, was identified as the potential lead buyer in a deal that values the team at about $1.7 billion, according to a report Wednesday by Sportico. He already has executed a letter of intent to purchase the team, per the report.
Sternberg bought the Rays in 2004 for $200 million.
The Rays issued a statement responding to the report, confirming 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.”
According to the Rays’ statement, neither side will have further comment during the discussions.
According to Zalupski’s online bio, he is the founder, president and CEO of Dream Finders Homes. The company was founded in December 2008 and closed on 27 homes in Jacksonville the following year. Now, with an expanded footprint to many parts of the United States, Dream Finders has closed on more than 31,100 homes since its founding.
He also is a member of the board of trustees at the University of Florida.
A year ago, Sternberg had a deal in place to build a new stadium in the Historic Gas Plant District, a reimagined recreational, retail and residential district in St. Petersburg to replace Tropicana Field. However, after Hurricane Milton shredded the roof of the stadium last October, forcing the Rays into temporary quarters, Sternberg’s commitment has been less than resolute, saying the team would have to bear excess costs that were not in the budget.
In March, MLB commissioner Rob Manfred and some other owners began to privately push Sternberg to sell the franchise, The Athletic reported.
It is unclear what Zalupski’s group, if it ultimately goes through with the purchase and is approved by MLB owners, would do for a permanent stadium.
The Rays currently are playing at George M. Steinbrenner Field in Tampa, located at the site of the New York Yankees’ spring training facility and home of their Single-A Tampa Tarpons.
–Field Level Media
