The Tampa Bay Rays are reportedly close to being sold in a potential $1.7 billion deal.
The Rays are in advanced talks to sell to a group of investors led by Jacksonville, Fla., developer Patrick Zalupski, according to Scott Soshnick and Kurt Badenhausen of Sportico. Zalupski has signed a letter of intent to purchase the team, which is not official, but a significant step toward a sale.
The sale price would be roughly $1.7 billion. That would provide a massive windfall for current owner Stu Sternberg, who bought the team for $200 million in 2004.
The Rays confirmed in a statement that they have entered “exclusive discussions” with a group led by Zalupski, but refused to comment any further.
The Rays have issued a statement about the reports of a potential sale: pic.twitter.com/bomyIfdY6O
— Mark Feinsand (@Feinsand) June 18, 2025
It is unclear what the sale would mean for the future of the Rays, though it perhaps bodes well that the potential ownership group has strong ties to Florida. There have been many relocation rumors surrounding the team, particularly after their efforts to build a new stadium in St. Petersburg fell through.
The stadium situation has been a longtime issue for the team, which has sought a replacement for the aging, unpopular Tropicana Field. The Rays are currently playing at the New York Yankees’ spring training complex in Tampa after their current home was damaged by Hurricane Milton last October.
The Rays have maintained success despite a perpetually low payroll and weak attendance figures. It is unclear if new ownership would change anything on that front, but it could be an opportunity for the franchise to finally sort out its long-term future.
