The Tampa Bay Rays are nearly sold, according to reports by Athletics’ Evan Dorelich and Ken Rosenthal. A group led by Florida homebuilder Patrick Salpski has reportedly agreed to buy the team from current owner Stu Sternberg for about $1.7 billion, pending final approval.
The sale is anticipated to close in September, although neither the Rays nor the Salpski group have made any public statements yet. The Rays confirmed last month that talks with Salpski’s group were in an advanced stage, and Salpski is said to have signed a letter of intent to purchase the team.
Stu Sternberg purchased the Rays in 2004 for roughly $200 million. In March, Forbes valued the franchise at approximately $1.25 billion, ranking it second to last in MLB ahead of only the Miami Marlins. MLB Commissioner Rob Manfred and other owners reportedly urged Sternberg to sell the team earlier this year, partly due to ongoing efforts toward securing a new stadium.
Tropicana Field, built in 1990, was severely damaged by Hurricane Milton last fall, leading the Rays to host their 2025 home games at the New York Yankees’ spring training and minor league facilities. Manfred expressed hope that the Rays would return to Tropicana Field next season.
Although plans for a new stadium in St. Petersburg appeared close to completion, a $1.3 billion deal fell through this spring. Reports suggest Salpski intends to keep the team in the Tampa Bay area, with a strong preference to remain in Tampa rather than relocate to St. Petersburg.
In recent years, several MLB teams have changed hands, including the Baltimore Orioles, who were sold for $1.725 billion in March 2024. The Minnesota Twins had aimed to complete a sale before the 2024 season started but were unsuccessful.
The Rays entered the All-Star break with a 50-47 record and ultimately finished fourth in the AL East.
Fan Take: This potential ownership change is significant for baseball fans, as new leadership could finally bring the Rays the stability and upgrades they’ve long needed, especially regarding their stadium situation. It could also signal a promising future for the franchise and boost competition in the AL East, benefiting the sport overall.
