As the Tampa Bay Rays and an investor group led by billionaire Patrick Zalupski focus on the details on the team’s expected $1.7 billion sale, an Orlando group is flashing some distracting cash.
Friday’s noise comes from the Orlando Dreamers, who announced they have secured final financing of nearly $2 billion to acquire a team. That includes a possible expansion team or — yes — even the Rays.
Hillsborough County Commissioner Ken Hagan, a longtime point man in trying to bring the Rays to Tampa, said as much in July, when Rays owner Stuart Sternberg developed an agreement in principle for a sale to Zalupski.
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Zalupski’s preference is for the team to play in Tampa, where financing for a 2018 stadium effort was deemed unworkable by Sternberg. Hagan has said he is confident a Tampa plan will come to fruition this time, but he has also warned that the Dreamers remain a factor should any problems befall the sale or stadium plans.
In a press release, the Orlando group said it had secured a lender for the largest and safest portion of the money needed to buy a team. Known as senior debt, this type of loan gets repaid first if anything goes wrong, which makes it easier and cheaper for the Dreamers to borrow.
Securing the additional cash gives the Dreamers a stronger financial foundation, according to Dr. Rick Workman, principal investor for the group and the founder of Heartland Dental.
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“With this loan lined up, the Dreamers now have the backbone of their financing, putting them in a position to move quickly if MLB approves a franchise for Orlando,” he said.
Dreamers co-founder Jim Schnorf added that several banks and financial institutions expressed interest in leading the senior debt portion, signaling that multiple reputable lenders are willing to back a team acquisition.
The senior debt is just one piece of a broader plan that also includes letters of intent from private investors totaling $1.5 billion and another $1 billion for stadium funding, the group said.
The Dreamers said they will lay out their financing at an upcoming Major League Baseball owners meeting.
MLB Commissioner Rob Manfred said he has no reason to dispute media reports of the Rays sale to Zalupski, a Jacksonville homebuilder whom Forbes values at $1.4 billion. The deal is expected to be completed next month.
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The Rays have been looking for a new home for when their contract at Tropicana Field in St. Petersburg ends in 2028. They've been playing this season in Tampa at Steinbrenner Field after Hurricane Milton ripped off the stadium's fabric roof last year.
Although Zalupski’s preference is to build a stadium in Tampa, St. Petersburg Mayor Ken Welch said this past week he was open to talking with new ownership to keep the team in his city.
