Tampa Bay Rays Owner Is Close To Selling The Team, Ending A Disastrous Tenure

For most of the past decade, it's seemed like the Athletics and Tampa Bay Rays are in a fierce competition to see who can be the most poorly run organization in baseball. 

While most Major League Baseball teams have figured out their stadium situation, building desirable places for people to come watch professional baseball, the Athletics and Rays have studiously avoided anything approaching competence. The Athletics failed spectacularly to keep the team in the Bay Area, instead relying on a massive handout from Nevada taxpayers for a new stadium in Las Vegas. 

The Rays, meanwhile, finally seemed to figure it out, excitedly announcing an agreement in 2024 to build a new stadium in the Tampa/St. Petersburg area. That ended quickly, as team ownership balked at fulfilling their previously agreed-to financial obligations.

READ: Tampa Bay Rays New Stadium Officially Dead, Raising Relocation Concerns

Once that deal fell apart, there were only two viable paths forward for the Rays organization: sell, or relocate to a different market. On Wednesday, reports broke that Rays owner Stu Sternberg has finally chosen one of those two options. 

Mar 28, 2024; St. Petersburg, Florida, USA; A general view of Tropicana Field during the fifth inning on opening day between the Toronto Blue Jays and Tampa Bay Rays. Mandatory Credit: Kim Klement Neitzel-USA TODAY Sports

Tampa Bay Rays Might Have A Brighter Future Under New Ownership

Sportico reported Wednesday that the Rays were nearing a $1.7 billion sale to a group headed by Jacksonville real estate developer Patrick Zalupski. Per the report, negotiations have gone far enough that Zalupski has signed a letter of intent to buy the organization. 

In a new statement, the Rays organization confirmed that they have entered into "exclusive discussions" with the Zalupski group.

"The Tampa Bay Rays announced that the team has recently commenced exclusive discussions with a group led by Patrick Zalupski, Bill Cosgrove, Ken Babby and prominent Tampa Bay investors concerning a possible sale of the team," the statement reads. "Neither the Rays nor the group will have further comment during the discussions."

But what does this mean for the future of the Rays organization and baseball in Tampa? 

Well, the first and most obvious conclusion is that it can't be worse. Sternberg bought the Rays for $200 million in 2004, and while the valuation of his franchise has grown by 8.5x, he's kept payrolls as low as possible. The Rays have ranked near the bottom of the league in every single year of Sternberg's ownership, and he spent more on player salaries in 2016 than he has this season. Despite rampant inflation in the past nine years, and the ever-increasing revenues in MLB.

He was steadfastly committed to having Tampa taxpayers pay for his stadium, as Tropicana Field continued to deteriorate. And even after securing a huge handout, backed out of the agreement to build a new stadium in the region. 

So it can't get worse…right?

That's the thing about new ownership; you don't know if they're the Peter Seidler (Padres), Guggenheim Partners (Dodgers) type, who have committed to spending money on building a compelling product for fans to support. Or if they're the Sternberg type, using the franchise as a profit-taking enterprise while complaining about market size.

It's impossible to know what Zalupski's motivations are for buying the Rays; maybe he wants to relocate them to Jacksonville. Or to potentially greener pastures outside the state, like Nashville or Austin. Or maybe he's willing to actually spend money to build a new stadium, keep the Rays competitive, and earn local support. At the very least, with Sternberg out, maybe the Rays won't be stuck playing in a minor league stadium forever.