Stuart Sternberg

The estimated $1.7 billion deal is anticipated to formally close later this week. MLB owners unanimously approved the sale Monday.

The Rays said more information about the sale and the new ownership group will be shared after the deal is completed. It is expected to close within two weeks.

Dr. Rick Workman, once the Orlando group's primary financier, is now the third largest investor in the assemblage planning to keep the team in Tampa Bay. Law firm owner John Morgan says he is also out.

The Orlando group said it has a lender for the largest and safest portion of the money needed to buy a baseball franchise. Known as senior debt, it makes it easier and cheaper for the Dreamers to borrow.

With a $1.7 billion agreement in principle with Jacksonville developer Patrick Zalupski, the sale could be completed as early as September, according to The Athletic. The new ownership's preference is to play in Tampa.

Gov. Ron DeSantis said the state would only help with infrastructure. He also wouldn't back the Rays playing in Tampa Bay or Orlando, but suggested different ownership could help the team succeed.

The group seeking to attract a team - perhaps the Tampa Bay Rays - says John Morgan, founder of the Morgan & Morgan law firm, is also financially involved in the effort.

In an interview with Chris Russo on SiriusXM, commissioner Rob Manfred reiterated that "we believe in the market" and remains hopeful the Trop will be ready for the Rays in 2026.

St. Petersburg Mayor Ken Welch said he was not surprised, adding he still intends to repair Tropicana Field and move forward with the redevelopment of the Historic Gas Plant District.

Owner Stuart Sternberg pronounces the deal dead, citing events resulting from Hurricane Milton. Rays president Matt Silverman says the team is not for sale, but ownership remains committed to the Tampa area.

Joe Molloy, a former Yankees executive, tells the Tampa Bay Times he is leading one of the efforts to buy the team while The Athletic reports Eddie DeBartolo Jr. is part of the group.

Following the announcement, mayors for both Tampa and St. Petersburg expressed optimism that a new stadium deal could be worked out to keep the Rays in the Tampa Bay area.