BREAKING: Tampa Bay Rays in Advanced Talks to Be Sold to Florida Businessman

Per a report in Sportico, the Tampa Bay Rays are in advanced sale talks for $1.7 billion.

A general view of a Tampa Bay Rays hat and glove during the seventh inning of the game against the Washington Nationals at Nationals Park in 2023. | Scott Taetsch-Imagn Images

According to a report in Sportico, the Tampa Bay Rays and a group led by Florida businessman Patrick Zalupski are in advanced talks over sale of the team.

Zalupski has signed a letter of intent to buy the team for $1.7 billion, but that is not a binding legal purchase agreement, so there are still hoops to jump through before things become official.

SCOOP: MLB’s Rays in Advanced Talks for $1.7B Sale to Florida Home Builder ⚾https://t.co/bmLyl3Yemp via @sportico @kbadenhausen

— Scott Soshnick (@soshnick) June 18, 2025

The following on Zalupski comes from Sportico:

Zalupski is the founder and CEO of Dream Finders Homes, which specializes in new home construction for first-time home buyers. The company has built and sold more than 38,000 homes in 10 states from its start in late 2008 in Jacksonville through the end of 2024, according to its most recent 10-K filing. The company went public in 2021 and has an enterprise value of $3.4 billion. Zalupski, whose net worth is $1.4 billion perForbes, serves on the University of Florida Board of Trustees, having been appointed in 2023 by Gov. Ron DeSantis.

The Rays have been on rocky footing under current owner Stu Sternberg for a number of years, with the issues centering on the ballpark and attendance conundrums. Sternberg has tried for years to get a new ballpark built, but it just hasn't happened yet. He also proposed a split-season idea between the St. Petersburg area and Montreal at one point.

It appeared that a new ballpark was set to be built this year after receiving approval from government, but October's Hurricane Milton thwarted those plans on multiple fronts. Now, the Rays will return to Tropicana Field for the 2026 season, but it's unclear what the plan is when the lease runs out after 2028.

Sternberg has owned the team since 2005.

A sale to a local investor should help keep the Rays in the area, which is something that commissioner Rob Manfred has wanted, even as talks of a possible relocation have swirled. Perhaps under a new ownership group, the ballpark issues can be put to bed once and for all.

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