A group led by Jacksonville-based homebuilder Patrick Zalupski has an agreement in principle to purchase the Tampa Bay Rays for $1.7 billion, according to a report Monday in The Athletic.
Zalupski’s plan is to keep the team in the Tampa Bay area, with a preference to be in Tampa, according to the report.
The nonbinding agreement with Rays principal owner Stuart Sternberg is expected to be finalized as early as September, the Athletic reported.
The report was attributed to “a person briefed on the process who was not authorized to speak publicly.”
Once finalized, the sale would have to be approved by 75% of Major League Baseball owners.
In June, the Rays confirmed it was in “exclusive” sale negotiations with the Zalupski group, which includes local investors were not named.
Zalupski, 44, is the founder, president and CEO of Jacksonville-based Dream Finders Homes, which builds single-family houses in Florida, including the Tampa Bay area, and other states. Forbes lists his net worth at $1.4 billion.
Also in the group is Ken Babby, the founder and CEO of Ohio-based Fast Forward Sports Group, a sports ownership and management company that owns the Jacksonville Jumbo Shrimp, the Triple-A affiliate of the Miami Marlins, and Akron RubberDucks, the Double-A affiliate of the Cleveland Guardians.
Another minority investor is Bill Cosgrove, 63, the president and CEO of Union Home Mortgage, which has headquarters in the Cleveland area.
The Rays have been looking for a new home for when their contract at Tropicana Field in St. Petersburg ends in 2028. They are playing this season in Tampa at Steinbrenner Field after Hurricane Milton ripped off the stadium's fabric roof last year.
St. Petersburg is spending about $55 million to repair Tropicana Field with a plan for the Rays to return there in 2026 until the contract is complete in 2028.
Before the hurricane, the Rays, St. Petersburg and Pinellas County had agreed on a plan for a $1.3 billion stadium development project next to Tropicana Field. In March, Sternberg said the club was withdrawing from that agreement.
At the time, MLB commissioner Rob Manfred reaffirmed a commitment to the Tampa Bay area, the nation’s 11th largest television market. According to another report by The Athletic, MLB owners have been pressuring Sternberg to sell.
The Rays are valued at $1.25 billion, according to Forbes magazine. Sternberg bought the club for $200 million in 2004.
