The Tampa Bay Rays are on the cusp of a new era after Major League Baseball’s unanimous approval of a blockbuster $1.7 billion sale that will end Stuart Sternberg’s two-decade reign as majority owner. The deal, greenlit on September 22, 2025, is expected to close later this week, pending final clearance from the Federal Trade Commission. For Rays fans and the baseball world, this isn’t just a change in leadership—it’s a bold step toward redefining the franchise’s future in Florida.
At the center of this high-stakes transition stands Patrick Zalupski, the 44-year-old CEO of Jacksonville’s Dream Finders Homes. With a net worth of $1.4 billion, according to Forbes, Zalupski is no stranger to big projects or the Florida business landscape. His company has built over 35,000 single-family homes in and around Jacksonville, and he’s played an active role in local development—earning praise from Jacksonville Mayor Donna Deegan for bringing a new University of Florida campus to the city and generating hundreds of jobs.
Joining Zalupski is a formidable cast of Florida business leaders, each bringing unique strengths and ambitions to the table. Bill Cosgrove, CEO of Union Home Mortgage, is another top financial backer, while Dan Doyle, CEO of Tampa-based DEX Imaging, offers deep local ties as a limited partner. Rick Workman, founder of Heartland Dental, is rumored to hold the third-largest stake and previously led an Orlando-based push to keep the Rays in Florida. The group’s prestige is further elevated by Fred Ridley, chairman of Augusta National Golf Club, who steps in as a limited partner.
Perhaps the most intriguing addition is Ken Babby, a seasoned sports executive and owner of minor league teams such as the Jacksonville Jumbo Shrimp and Akron RubberDucks. Babby will take the reins as the new CEO of the Rays, tasked with navigating the franchise’s most pressing challenge: securing a permanent home. After years of failed stadium negotiations and the devastation of Tropicana Field by Hurricane Milton in 2024, the Rays have been left without a true home base. This season, the team has played at George M. Steinbrenner Field, typically the New York Yankees’ Spring Training venue—a temporary fix as the search for a long-term solution intensifies.
Babby’s role is pivotal. Through his Fast Forward Sports Group, he’ll spearhead negotiations for a new stadium, with possible sites including areas near Steinbrenner Field on Dale Mabry, the West Shore neighborhood, or the recently acquired land in Ybor City. While no preferences have been officially announced, the group’s messaging is clear: the Rays are staying put. "I think Patrick is going to be a great addition, deeply committed to the Tampa Bay region as a home for the Rays," MLB Commissioner Rob Manfred told the Tampa Bay Times. "I look forward to them getting past the closing and starting to work with the club."
That commitment comes at a crucial juncture. The Rays have long struggled with attendance, consistently ranking among the bottom two teams in the American League since their 1998 debut. Even during their five-year playoff streak, which peaked with a World Series appearance in 2020, the club rarely filled Tropicana Field beyond half capacity. The last two seasons have been particularly tough, with the Rays posting back-to-back losing records after years of postseason promise.
Still, the new ownership group believes the time is ripe for a turnaround. Their blend of financial muscle, operational expertise, and community roots positions them to tackle the franchise’s biggest hurdles head-on. Zalupski, for his part, is no stranger to overcoming obstacles. Born in Detroit, he earned a finance degree from Stetson University, spent time working in Belgium and as an auditor for FedEx, and then pivoted to real estate, building Dream Finders Homes into a powerhouse. His civic engagement is equally notable, including a 2023 appointment to the University of Florida Board of Trustees by Governor Ron DeSantis. Zalupski is also a significant political donor, supporting campaigns from Senator Rick Scott to presidential hopefuls Ron DeSantis and Donald Trump.
For Rays fans, the ownership shakeup is as much about hope as it is about dollars and cents. The new group’s deep Florida roots and stated commitment to the Tampa Bay area offer a measure of reassurance after years of relocation rumors and stadium uncertainty. The group’s retention of Sternberg’s 10% transitional stake, along with the expected continuity of President of Baseball Operations Erik Neander, should help smooth the transition and preserve institutional knowledge.
But the road ahead is hardly free of obstacles. The damage to Tropicana Field from Hurricane Milton rendered it unusable until at least April 2026, forcing the Rays into their current arrangement at Steinbrenner Field. Previous efforts to secure a new stadium in St. Petersburg fizzled out between 2023 and 2025, underscoring the complexity of these negotiations. With Babby now at the helm, the franchise is betting that a fresh approach—and a more locally invested ownership group—can finally break the impasse.
Commissioner Manfred, for one, is optimistic. "It’s good to go," he told the Tampa Bay Times, confirming the MLB owners’ unanimous vote. "It’s official in terms of our internal processes subject just to their closing, but it’s always subject to the closing taking place." Both Zalupski and the Rays have yet to comment publicly on the deal, but their silence belies the magnitude of what’s at stake.
The Rays’ new owners are also expected to focus on modernizing facilities and enhancing the fan experience—a tall order in a market crowded with sports options and a fanbase hungry for a more engaging product. With the likes of Cosgrove, Doyle, and Workman providing financial and operational support, the franchise is poised for a stability it hasn’t enjoyed in years.
As the deal nears completion, all eyes are on the group’s next moves. Will they finally secure a state-of-the-art stadium and reverse the Rays’ attendance woes? Can they restore the winning culture that propelled the team to the World Series just five years ago? The answers aren’t clear yet, but one thing’s for sure: Tampa Bay baseball is entering one of its most consequential—and intriguing—chapters yet.
With the formal closing of the sale imminent and a new leadership team in place, the Rays’ future will depend on their ability to deliver on promises of stability, growth, and local pride. Fans and observers alike will be watching closely as the franchise navigates this pivotal moment in its history.
