Major League Baseball has officially turned the page on a transformative era for the Tampa Bay Rays. On September 22, 2025, MLB owners voted unanimously to approve the sale of the franchise to a powerhouse group led by Jacksonville-based real estate magnate Patrick Zalupski. The formal closing of the $1.7 billion deal is expected later this week, marking the end of Stuart Sternberg’s two-decade tenure as majority owner and ushering in a new era of ambition, local investment, and hope for one of baseball’s most resilient teams.
This monumental ownership change comes at a pivotal moment for the Rays. In the wake of Hurricane Milton’s devastating blow to Tropicana Field last October, the club was forced to play its 2025 home schedule across the bay at Steinbrenner Field in Tampa. The move to the open-air ballpark—normally the New York Yankees’ spring home—brought its own set of challenges: the Rays endured 17 rain delays over 16 games, totaling nearly 18 hours of stoppage time. Still, Tampa Bay managed to post a 41-40 home record, notching their ninth straight winning season at home despite the adversity.
Attendance, however, took a hit. With a capacity of just 10,046 at Steinbrenner Field, the Rays drew 786,750 fans—down sharply from 1,337,739 the previous year at Tropicana Field. Even so, the club managed 61 sellouts, a testament to the loyalty and passion of their fan base. As of September 22, the Rays ranked 29th in MLB home attendance, ahead of only the Athletics, who played in a minor league park while awaiting their move to Las Vegas.
For Rays fans, the change in ownership is about more than just new faces in the boardroom. The incoming group represents a blend of financial clout, sports management savvy, and deep Florida roots. Patrick Zalupski, the billionaire CEO of Dream Finders Homes, leads the charge with a net worth estimated at $1.4 billion. He’s joined by Bill Cosgrove, CEO of Union Home Mortgage, who brings significant financial backing; Ken Babby, a seasoned sports executive and owner of minor league teams, who steps in as the new CEO of the Rays; Dan Doyle, CEO of DEX Imaging and a prominent local business figure; Rick Workman, founder of Heartland Dental and a longtime advocate for baseball in Florida; and Fred Ridley, an attorney and chairman of Augusta National Golf Club, who adds prestige and influence as a limited partner.
Outgoing owner Stuart Sternberg, who took control of the team in November 2005 and rebranded it from the Devil Rays to the Rays after the 2007 season, will retain a transitional 10% stake alongside his original partners. This continuity is seen as a stabilizing force as the new group takes the reins and works to rebuild momentum—both on the field and in the community.
During Sternberg’s tenure, the Rays punched above their weight, winning AL East titles in 2008, 2010, 2020, and 2021, and reaching the World Series twice—falling to the Phillies in 2008 and the Dodgers in 2020. Yet, despite on-field success, the franchise has long grappled with stadium uncertainty. Over the years, failed ballpark proposals in St. Petersburg’s Al Lang Stadium (2007), Tampa’s Ybor City (2018), and a $1.3 billion project adjacent to Tropicana Field (2023) all fell through, with the most recent effort derailed by hurricane damage and escalating costs.
Now, with Ken Babby at the helm of stadium negotiations, the new ownership group is making it clear: keeping the Rays in the Tampa Bay area is a top priority. According to the Tampa Bay Times, the group is actively exploring new ballpark sites, with a preference for Hillsborough County. Possible locations include land near Steinbrenner Field on Dale Mabry Highway, the West Shore neighborhood, and the previously purchased Ybor City parcel. No final decisions have been announced, but the intent is unmistakable. As MLB Commissioner Rob Manfred put it, Zalupski is “deeply committed to the Tampa Bay region as a home for the Rays.”
Manfred’s endorsement of the new ownership group was unequivocal. “We’re good to go,” he said, signaling confidence that the infusion of local leadership and capital will help the Rays finally solve their stadium riddle. The league’s faith in Zalupski and his partners is rooted in their track records: Babby’s Fast Forward Sports Group brings operational expertise from successful minor league franchises, while Cosgrove and Doyle add financial and community muscle. Workman’s previous efforts to keep the Rays in Florida underscore the group’s commitment to local fans.
Financially, the Rays remain a model of efficiency. The team started the 2025 season with an $81.9 million payroll, ahead of only the Athletics and Miami. Despite limited resources, they’ve consistently fielded competitive teams and developed a reputation for smart, innovative baseball operations. The expected retention of President of Baseball Operations Erik Neander signals continuity in the front office, even as ownership changes hands.
The challenge ahead is clear: secure a state-of-the-art stadium that can anchor the franchise in the region for decades to come. With Tropicana Field still out of commission from hurricane damage and the temporary arrangement at Steinbrenner Field far from ideal, the urgency is real. The new owners are expected to engage with local officials and community leaders to identify a solution that balances financial viability with fan experience.
Rays manager Kevin Cash, seen high-fiving players ahead of the season-opening series against the Colorado Rockies at Steinbrenner Field, remains a steady hand in the dugout. The team’s resilience in the face of logistical challenges has not gone unnoticed, and the hope is that stability off the field will translate to further success on it.
For now, the Rays and their fans find themselves in a moment of transition—one filled with uncertainty, but also tremendous promise. The new ownership group’s commitment to modernization, fan engagement, and community partnership offers a roadmap for growth in a competitive sports market. As the final paperwork is signed and the new era officially begins, the eyes of Tampa Bay—and the baseball world—will be watching to see if the Rays can finally turn the page on their stadium saga and cement their place as a fixture in Florida’s sporting landscape.
With the sale expected to close within days, and a new search for a permanent home set to begin, Rays fans have reason to believe that brighter days are on the horizon. The next chapter of Tampa Bay baseball is about to be written—and, if the new owners deliver on their promises, it just might be the most exciting one yet.
