The Tampa Bay Rays, Central Florida’s only Major League Baseball team since their inaugural season in 1998, are expected to be sold to Jacksonville-area developer Patrick Zalupski. According to Evan Drellich and Ken Rosenthal of The Athletic, a sale of $1.7 billion has been agreed to by Zalupski and current owner Stuart Sternberg.
If The Athletic’s report proves true, Zalupski intends to keep the Rays in the Tampa Bay area. He may even explore a new facility in Tampa proper, rather than St. Petersburg where the team spent its first 27 seasons. This comes as a major relief to Central Florida baseball fans, following persistent rumors over the years of a relocation. This came to a head in January 2022, when Sternberg explored splitting home games between Tampa and Montreal.
The Business of a Team Sale
In order for Zalupski’s purchase of the Rays to be finalized, 75% of Major League Baseball team owners would have to vote to approve it. It’s also been reported that Memphis hedge fund founder Trip Miller is pursuing a bid to purchase the Rays, but the team confirmed in June that they were in exclusive talks with Zalupski’s group. Also part of the Zalupski-led group is a local minor league team owner: Jacksonville Jumbo Shrimp and Akron RubberDucks owner Ken Babby.
According to Forbes, Zalupski has a net worth of $1.6 billion, making him the 2,203rd wealthiest person in the world as of Tuesday. He is the founder, chairman, and CEO of Dream Finders Homes, a publicly-traded development corporation. The 44-year-old father of three obtained his Bachelor of Science from Stetson University in DeLand in 2003. He has prior professional experience with FedEx, and currently serves on the University of Florida’s Board of Trustees.
A Home for the Tampa Bay Rays
The first major order of business for a new ownership group will be situating the Rays in a permanent home. Tropicana Field in St. Petersburg was the team’s home stadium from 1998 to 2024, until it was severely damaged by Hurricane Milton in October 2024. Major League Baseball Commissioner Rob Manfred has said he is ‘optimistic’ the Rays will be able to return the facility known affectionately as ‘The Trop’ for the 2026 MLB season.
For the 2025 season the Rays have been playing at George M. Steinbrenner Field in Tampa, the spring training home of the New York Yankees and home field for the minor league Tampa Tarpons. Steinbrenner Field has a capacity of only 11,026, down from Tropicana Field’s 25,025 capacity. Though returning to Tropicana Field long-term may be an option, it seems Zalupski would prefer a move to Tampa.
The Rays were purchased by Sternberg in 2004 for $200 million from original owner Vince Naimoli. They’ve reached the World Series twice in franchise history (2008 and 2020), winning neither time. The team also has four American League East division titles (’08, ’10, ’20, ’21). They’ve seen two players win the Cy Young Award (David Price in 2012, Blake Snell in 2018), and two managers win Manager of the Year (Joe Maddon in 2008 and 2011, Kevin Cash in 2020 and 2021).
