Hillsborough County on Thursday informed the Tampa Bay Rays it cannot meet the team’s June 1 deadline to finalize a stadium financing deal, saying critical questions about funding, risk and the surrounding development must be resolved before any binding agreement can move forward.
The Rays developed the construction timeline with the ambitious goal of opening the $2.3 billion ballpark in time for 2029 season. Rays CEO Ken Babby told the county that missing the deadline would “materially increase costs” — putting the project in jeopardy.
In response, commissioners on Thursday sent a memo seeking clarity on 14 core points that essentially ask the team to show them the money.
ALSO READ: Rays threaten to 'evaluate alternatives' if Hillsborough balks on stadium funding
“We are working diligently on the list of questions provided to us by the county and city and will share our responses with them soon,” the Rays said in a statement. “With the right public-private partnership, we can build a world-class ballpark by 2029 and remain focused on doing so.”
The Rays have proposed building a $2.3 billion ballpark on land now used by Hillsborough College with a timeline of opening in spring 2029. The team has committed to pay for half and all cost overruns, with the rest coming from the county and city of Tampa.
The stadium would anchor a privately financed multiuse development that would include a rebuild of Hillsborough College, paid for with more than $130 million from the state.
The team recently presented a framework of a deal that requires $1.001 billion in public funds. County leaders have identified $702 million from the county and $224 million from the city of Tampa, which is about $75 million short.
Commissioners received an update on negotiations from county staff last week at a workshop and agreed to continue conversations with the Rays.
ALSO READ: Rays' memorandum specifies requests for stadium deal, asks for CIT funds
They also agreed on the need to get more information from the team to protect taxpayers during construction and over the proposed 35-year lease.
In Thursday’s memo, the county said another 60 to 90 days would be needed after a memorandum of understanding on financing was reached, taking the process into late June at the earliest.
“Once the parties reach an agreement on the MOU, certain project agreements could be prioritized over others to help move the project forward,” the memo reads.
At this point, there is no indication the deal is dead, despite the Rays’ deadline mandate.
According to the county memo, the questions center on four broad pressure points:
Financing certainty: Whether the Rays can fully document their private funding sources, close an estimated $75 million gap in the current deal structure and identify when those funds would be deployed alongside public dollars.
Risk allocation: While the Rays have said they would cover stadium construction cost overruns, the county is still seeking clarity on broader financial exposure, including long-term maintenance obligations and other project-related liabilities.
Surrounding development: Taxes through a Community Redevelopment Area would help pay part of the stadium tab. Officials want documentation it will actually be built and generate the projected revenue needed to support the financing, and how those commitments would be enforced if conditions change.
Control and governance: How key decisions would be handled once construction begins, including contract bidding and oversight, design authority, revenue-sharing arrangements, and dispute resolution.
ALSO READ: Analysis touts economic impact of Rays' proposed stadium-anchored development
Taken together, the memo outlines the unresolved structure of a deal that county officials say is still not ready for final approval — a position that has also surfaced politically as commissioners weigh what must change before a scheduled May 6 vote.
Commission Chair Ken Hagan has pointed specifically to the roughly $75 million gap in the current funding framework as one of the concessions the Rays must address, along with agreeing to “backstop” the county on any money pulled from reserves and catastrophe funds.
“We're trying to do a deal in a short, abbreviated period of time that typically takes a lot longer,” Hagan told WDAE radio on Monday. “It's so complex.”
