The new owners of the Tampa Bay Rays are beginning the quest for a new ballpark —part of a mixed-use development built in a public-private partnership — that would open in 2029.
They also promised to get hurricane-damaged Tropicana Field repaired in time for the 2026 season.
The group led by Florida-based real estate developer Patrick Zalupski finalized a $1.7 billion purchase last week from Stuart Sternberg, who owned the Rays for 18 years and had long sought to find the team a new stadium.
Zalupski and other top executives, Ken Babby and Bill Cosgrove, said at an introductory news conference Tuesday at Steinbrenner Field, they intend for the team to remain in the Tampa Bay area.
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Zalupski said the search is on for a site in the region that could include roughly 100 acres that would support retail shops, bars, restaurants and other amenities along with a ballpark. The stadium itself, he said, would be a domed ballpark with a fixed roof.
The owners called it their top priority and "critical" for the revenue generation needed to compete with teams in larger markets. Zalupski acknowledged the 2029 deadline was aggressive, but added "time is of the essence."
“We need a new ballpark. I don't think that's disputed by anyone,” Zalupski said. “We want to build a sustainable championship team. We're confident we can be successful in Tampa Bay.”
Babby, described as the team's new CEO, acknowledged there is longstanding “fatigue” in the area about where the Rays would build a new home — with frequent speculation they might decide to leave altogether.
Plan A is to stay in the Tampa Bay area
But Major League Baseball has repeatedly said it wants the team to stay.
“Plan A is to figure it out here in Tampa Bay,” Babby said. “We’re confident that we're going to get that done.”
Several sites in the area have previously been considered, such as Ybor City, the grounds of Hillsborough College in Tampa, and even the Tropicana Field site in downtown St. Petersburg.
The owners said many sites in the region meet their criteria, and there are meetings planned with leaders on both sides of the bay.
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“We're looking at everywhere,” Babby said. “We don't want to pigeonhole ourselves to one location or site.”
Babby also said he was aware of but had not studied a recent proposal by ARK Investment Management to include an option for a stadium in a development at the Tropicana Field site.
Zalupski said his group has spent time studying the success of the Battery, the mixed-use development built by the Braves in suburban Atlanta.
"We think the battery is the gold standard of what we want to build and develop here in Tampa Bay." Zalupski said, "And that venue, that development, not only is it incredible experience for the fans, the community, the players, but it is what you have to have in today's Major League Baseball to be successful."
The new owners said the new stadium would be a public-private venture.
"We'll come forward doing our part, but we need the partnership of the community to be able to make this work," Zalupski said.
Getting the Trop ready for 2026
Meanwhile, work continues on Tropicana Field, which had its roof ripped off and suffered significant internal damage last October during Hurricane Milton.
By the end of the week, Babby said, half of the Trop's 24 roof panels will be installed.
“We promise the fan experience will be better than ever — with a new roof, new video board, a new sound system, and other improvements, including some funded directly by the Rays,” said Babby.
Under their current lease with the city of St. Petersburg, the Rays are obligated to play at the Trop for three more seasons. The mayors of both Tampa and St. Petersburg attended the news conference.
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The Rays in March withdrew from a $1.3 billion project to construct a new ballpark adjacent to Tropicana Field, citing the hurricane and delays that likely drove up the proposal’s cost. That led Sternberg to sell the team.
Zalupski, CEO of Jacksonville-based Dream Finders Homes, will be the team’s control person and a co-chair along with Cosgrove, CEO of Union Home Mortgage in Ohio, which has been a title sponsor of the Gasparilla Bowl, played annually in Tampa.
“I’ve always been a fan of the game, and I’ve long admired the Tampa Bay Rays — not just for their remarkable success on the field, but for the way they’ve built that success,’’ Cosgrove said. “The Rays are woven into the fabric of this region. They represent something special — not just in baseball, but in the lives of the people who call this place home.’’
Babby is CEO of Fast Forward Sports Group, which owns the Triple-A Jacksonville Jumbo Shrimp, a Miami Marlins’ affiliate, and the Double-A Akron RubberDucks, a Cleveland Guardians farm team.
The owners also said they will be hands-off regarding the baseball operation, leaving it to president of baseball operations Eric Neander and field manager Kevin Cash.
The team also announced other minority investors in the group: Shane Battier, Chris LaFace, Rossman Family, Walt and Teri Bettinger, Mark Metheny, Andy Sandler/Temerity Baseball, Brett Berish, Mitzner Family, Jack Shields, David J. Bronczek and Matthew Bronczek and family, Larry and Brett Morgan, Stahl Family, Henry and Jennifer Brown, Mike Murphy, Thomas Family, Friedkin Family, Willy Nunn, Tom Wallace, Jeff Hills, O’Steen Family, Drew Weatherford, Mori Hosseini, Sidd Pagidipati, Will Weatherford, Johnson Family, Augie Ribeiro, and John Williams.
Zalupski and Cosgrove previously established an executive advisory board comprised of select investors, including Dr. Rick Workman, the Hertz Family, Will Weatherford, Robert Skinner, Dan Doyle Jr., and Matt Silverman. Fred Ridley will serve as an independent member of the executive advisory board.
During their time in St. Petersburg, the Rays have struggled with poor attendance, although they've been successful on the field. The Rays won American League East titles in 2008, 2010, 2020 and 2021 and twice reached the World Series, losing to Philadelphia in 2008 and to the Los Angeles Dodgers in 2020.
Information from the Associated Press was used in this report.
