Rays Owner in Talks to Sell Team

The Tampa Bay Rays announced on Wednesday that owner Stu Sternberg is engaged in “advanced talks” regarding the sale of the team.

The deal, which values the MLB franchise at $1.7 billion, involves a group led by Jacksonville-based home builder Patrick Zarapski, who has signed a letter of intent to purchase the club.

The Rays issued a statement confirming the exclusive discussions with Zarapski, along with Bill Cosgrove and Ken Babby, noting that neither the team nor the prospective buyers will comment further during this process.

Despite having one of the lowest payrolls in Major League Baseball, the Rays are among the most successful teams since 2008, boasting the third-highest win rate during that time, surpassed only by the Yankees and Dodgers.

Sternberg, who acquired the team for $200 million in 2004, has faced increasing pressure to divest in recent years.

MLB Commissioner Rob Manfred and other team owners have reportedly been encouraging Sternberg to consider the sale.

Meanwhile, the Rays have been working to secure a new stadium to replace Tropicana Field. Plans included a contract for a 30,000-capacity stadium as part of a mixed-use development in downtown St. Petersburg’s historic gas factory district.

However, after a funding deadline passed on March 31, Sternberg announced that those plans would need to be scrapped due to financial delays.

Currently, the Rays can’t play at Tropicana Field following extensive damage from Hurricane Milton in October 2024. They have been using George M. Steinbrenner Field in Tampa for games, the spring training home field of the Yankees.

The potential sale could mark the third franchise change of ownership in recent years. The New York Mets were sold to Steve Cohen in 2020, and a group led by David Rubenstein bought the Baltimore Orioles in 2024.

This news of the Rays’ potential sale coincided with reports that Mark Walter, the owner of the Dodgers, has purchased a majority share in the NBA’s Lakers for $10 billion.