On September 30, the sale of the Tampa Bay Rays was finalized, closing the transaction from Stuart Sternberg to a group of buyers led by Florida-based real estate developer Patrick Zalupski.[1] The group of buyers includes Bill Cosgrove and Ken Babby, CEO of Fast Forward Sports Group, which owns the Jacksonville Jumbo Shrimp and the Akron RubberDucks. The buyers state that Erik Neander, current president of baseball operations for the Rays, will maintain his role.[2]
According to Art. V, Section 2(b)(2) of the MLB’s Constitution, a three-fourths vote of the Major League Clubs is required for the “sale or transfer of a control interest in any Club”.[3] The sale of the Rays received unanimous approval from the Major League Baseball owners.[4]
One of the concerns regarding the sale of the Rays is the unusual nature of selling a team without a clear path for a new facility. Back in October 2024, Tropicana Field, once home to the Rays, faced significant damage after being hit by Hurricane Milton. In April of this year, the St. Petersburg City Council approved $22.5 million towards repairs to the field. The total estimated cost of repairs for Tropicana Field is roughly $56 million, as the Field requires fixing the roof, the playing surface, ensuring proper audio and visual electronics, installing flooring and drywall, in addition to other issues.[5] Although the Tampa Bay Rays are currently obligated to play three more seasons at Tropicana Field once it is ready for baseball under the existing agreement, Zalupski’s group is expected to continue searching for a new ballpark.[6]
Another concern of the Rays’ sale is how much more the team would have been worth if it had a facility. While the exact amount of the sale was not disclosed, the Rays are reportedly worth $1.7 million.[7] Although the team’s value is a significant chunk of money, the Rays would likely have had a higher value if Hurricane Milton had not impacted Tropicana Field or if the team had not backed out of the $1.3 billion deal for a new ballpark back in March.[8] While this may have been a home run for the Zalupski group, the Rays may have struck out as a result.
[1] https://www.espn.com/mlb/story/_/id/46439054/tampa-bay-rays-sale-finalized-group-led-florida-based-realtor
[2] Id.
[3]https://ipmall.law.unh.edu/sites/default/files/hosted_resources/SportsEntLaw_Institute/League%20Constitutions%20&%20Bylaws/MLConsititutionJune2005Update.pdf
[4] Supra, note 1.
[5] https://www.espn.com/mlb/story/_/id/44519800/st-petersburg-spend-225m-fix-tropicana-field-roof
[6] Supra, note 1.
[7] https://www.cbssports.com/mlb/news/tampa-bay-rays-sale-mlb-owners-unanimously-approve-patrick-zalupski-deal-reportedly-worth-1-7-billion/
[8] Supra, note 5.