Stu Sternberg, the current owner of the Tampa Bay Rays, made an official announcement that he is in talks for the potential sale of the franchise. A residential developer from Florida named Patrick Zalupski is seen as the potential buyer of the Tampa Bay Rays. The deal will reportedly be worth as much as $1.7 billion. As per the reports, Zalupski has already executed a letter of intent to buy the team. If you are someone who wants to know more about the potential sale of the Tampa Bay, the following article is for you.
What Did Tampa Bay Rays Say About The Potential Sale?
Tampa Bay Rays’ current owner, Stu Sternberg, purchased the franchise back in 2004 for over $200 million. The team issued an official statement about the potential sale that confirmed all the incoming reports. In the statement, the team accepted that it has commenced exclusive discussions with a group led by Patrick Zalupski, Bill Cosgrove, and Ken Babby. The discussions are about the potential sale of the franchise and also include other potential investors. As per the statement, neither of the parties involved in the deal will make any further comments during the discussions.
Who Is Patrick Zalupski, The Potential Buyer Of the Tampa Bay Rays?
According to what his online bio suggests, Patrick Zalupski is the founder as well as the President and the CEO of a company named Dream Finders Homes. The company came into existence back in 2008 and closed on a total of 27 homes in Jacksonville itself in the following year. As of now, Dream Finders Homes has closed on a total of 31,100 homes all across the nation. Patrick Zalupski is also reportedly one of the members of the board of trustees of the University of Florida. He’s now a potential buyer in talks to buy the Tampa Bay Rays.
What Happened To Stu Sternberg’s New Stadium?
Around a year ago, the current owner of the Tampa Bay Rays, Stu Sternberg, entered into a deal to build a new stadium in the Historic Gas Plant District. The district is actually a reimagined recreational, retail, and residential district located in St. Petersburg, which was to replace Tropicana Field. However, Hurricane Milton caused significant damage to the roof of the stadium last October, shredding it. The Rays were then forced into temporary quarters, and Stu Sternberg’s commitment was less than resolute. He mentioned that the team will have to bear extra costs that were not foreseen or initially included in their budget.
Rob Manfred Pushed Stu Sternberg To Sell The Tampa Bay Rays
Rob Manfred, who is the MLB Commissioner, along with some other owners, reportedly started pushing Stu Sternberg to sell the Tampa Bay back in March. There is no clarification on whether the potential buyer, Patrick Zalupski, will actually go ahead with the purchase and get the approval of the MLB owners. It is not clear what exactly he’ll do for the permanent stadium either.
The Tampa Bay Rays’ Potential Sale To Become The Second MLB Team Transaction
If Patrick Zalupski actually goes through with the Tampa Bay Rays’ deal, this will be the second MLB team transaction. The first was when Steve Cohen purchased the New York Mets for $2.42 billion back in 2020. If we consider the latest example, David Rubenstein’s group purchased the Baltimore Orioles for $1.73 billion. The estimated value of the deal between Stu Sternberg and Patrick Zalupski is pretty similar to that of the Orioles. It also surpasses the valuation of the Tampa Bay, which currently stands at $1.35 billion. It currently stands at 29th position among the 30 MLB teams and is followed by the Miami Marlins in 30th position.
