Report: Sternberg nearing $1.7B sale of Rays
The Tampa Bay Rays are about to have new ownership.
Longtime owner Stuart Sternberg agreed in principle to sell the franchise to a group led by Patrick Zalupski for around $1.7 billion, a source told Evan Drellich and Ken Rosenthal of The Athletic.
The sale could reportedly be completed as early as September.
Zalupski is expected to keep the Rays in the Tampa Bay area, according to Drellich and Rosenthal. However, he'd reportedly prefer to relocate the team to a new ballpark in Tampa rather than remain in St. Petersburg.
Zalupski, 44, is a real estate developer based in Jacksonville and the founder of Dream Finders Homes. He has a net worth of $1.7 billion, according to Forbes.
The Rays are playing this season in Tampa at George M. Steinbrenner Field while Tropicana Field - their primary home since 1998 - undergoes repairs after Hurricane Milton destroyed its roof. They're scheduled to return to the Trop in 2026; the team's lease was extended by one year to 2028 due to the damage.
Sternberg, 66, became the majority owner of the then-Devil Rays in October 2005 after initially purchasing a 48% stake in the club from Vincent Naimoli the year prior. Under Sternberg's ownership, the franchise morphed from laughingstock to perennial contender, making nine playoff appearances and winning two AL pennants since 2008.
But those winning seasons have come despite continually running some of the lowest payrolls in the league. Tampa Bay's Opening Day payroll has never ranked higher than 22nd in MLB during Sternberg's tenure and sat 27th out of 30 at the beginning of this season, per Cot's Contracts.
Stadium issues have also haunted the club and still cloud its future in the Tampa-St. Petersburg metro area. Sternberg has been unable to secure a long-sought replacement for Tropicana Field in both Tampa and St. Petersburg while often clashing with civic governments over public funding. Commissioner Rob Manfred and other owners were reportedly pushing Sternberg to sell earlier in 2025.
Forbes estimated the Rays' value at $1.25 billion in March, making them the second-least valuable MLB franchise.