In a significant transaction, the Tampa Bay Rays have been sold for $1.7 billion to a new ownership group led by Patrick Zalupski. This deal marks a substantial increase from when current owner Stuart Sternberg purchased the team in 2004 for just $200 million. The sale is expected to close by September and will keep the franchise in the area.
Notably, this development comes after Sternberg’s plans to build a new stadium in St. Petersburg’s Historic Gas Plant District were put on hold due to Hurricane damage and excess costs exceeding the budget. The team has been operating out of temporary quarters since then.
The sale is seen as a significant milestone for the Rays, with no permanent stadium plan yet confirmed under the new ownership.
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