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Ranking All 15 Tampa Bay Rays Giveaways for 2026

A significant chapter in Rays history closed on September 30, 2025, when a group led by real estate developer Patrick Zalupski officially acquired the Tampa Bay Rays, ending Stuart Sternberg’s 18-year run as the team’s controlling owner. The sale, unanimously approved by MLB owners, ushers in fresh leadership and renewed focus on infrastructure, stadium plans, and the direction of one of baseball’s most analytically driven franchises.

The Change at the Top

Patrick Zalupski, CEO of Dream Finders Homes, steps into the role of “control person” for the Rays and will serve as co-chair alongside Bill Cosgrove, a partner in the new ownership group. Ken Babby, known for owning minor league franchises, is set to become the team’s chief executive officer, overseeing day-to-day business operations. Meanwhile, the baseball side remains stable: Erik Neander will retain his position as President of Baseball Operations.

Though the exact sale price wasn’t confirmed by the team, pre-closing reports and league approval suggested the transaction was in the ballpark of $1.7 billion, and that Sternberg would retain a minority stake. The unanimous vote by MLB’s owner circle signals confidence in the new group’s vision and credibility.

Legacy of Sternberg’s Tenure

Stuart Sternberg acquired the Rays’ controlling interest in 2005. Over nearly two decades, his leadership oversaw major successes: four American League East division titles, two World Series appearances (2008, 2020), and a consistent reputation for competitiveness despite often operating with lower payrolls.

Yet his tenure also featured persistent challenges—most notably the club’s long struggle to secure a modern, localized stadium. His most ambitious bid, a $1.3 billion ballpark in St. Petersburg, was abandoned earlier in 2025 due to ballooning costs and delays following damage to Tropicana Field. That failed stadium effort and the venue instability (exacerbated by storm damage forcing the Rays to relocate home games temporarily) contributed to growing pressure for change.

First Orders of Business: Stadium & Stability

Perhaps no issue looms larger than the Rays’ long-term home. The new ownership has already committed to restarting the search for a stadium site in the Tampa Bay or St. Petersburg area. MLB Commissioner Rob Manfred has publicly expressed optimism that the franchise will remain in its region and hopes the new owners will deliver clarity on the ballpark question.

Meanwhile, the Rays are playing the 2025 season at George M. Steinbrenner Field in Tampa. That arrangement was born out of necessity—Tropicana Field was damaged by Hurricane Milton in late 2024, making it unfit for full use. The uncertainty surrounding a permanent venue has been a Republican talking point against relocation speculation.

Under Zalupski’s leadership, the stadium search could define how the team balances ambition with the realities of public financing, site politics, traffic, accessibility, and ensuring fan support.

The Ownership Spread: Partners, Advisory Board & Continuity

Zalupski’s ownership roster includes several high-profile business figures and regional investors, intended to bring both local roots and national relationships to the franchise. Co-chair Bill Cosgrove brings mortgage industry leadership; Ken Babby brings sports ownership experience from the minor leagues.

To ensure continuity and institutional knowledge, long-serving Rays executive Matt Silverman, among others, will join the executive advisory board. Former team presidents Matt Silverman and Brian Auld both stepped down prior to the sale, with Silverman staying on in an advisory capacity rather than leaving entirely. Fred Ridley was named as an independent board member to provide governance oversight.

Questions & Challenges With the New Era

Several key issues will test the new ownership’s mettle:

Stadium Delivery: Will the ownership group navigate political, financial, and logistical hurdles to secure land, funding, and stakeholder support?

Fan Trust: Can Zalupski and his partners win over a fan base that has long felt the burden of stadium uncertainty, attendance volatility, and dislocation?

Balancing Innovation & Tradition: The Rays have often been pioneers in analytics, payroll efficiency, and roster construction. The new leadership must maintain that identity while scaling in ambition.

Managing Baseball & Business: Separation of operations is clear—Neander continues leading the baseball side—but alignment between business growth and competitive success will be critical.

Handling Retained Stake & Legacy: With Sternberg retaining a minority stake, how will the transition manage continuity, respect for past contributions, and the handing-off of institutional control?

Early Signals & What to Watch

Will the new owners announce a preferred stadium location or vision within weeks or months?

How aggressively will they invest in marketing, fan experience, and regional engagement to shore up attendance?

Will staffing changes accompany the regime shift (e.g. front office, marketing, community relations)?

Can Zalupski’s experience in real estate and housing development translate to success in sports infrastructure?

How will the Rays brand evolve—visually, institutionally, and in public identity—under the new era?

The Rays’ ownership change is more than a transaction—it’s the start of a new chapter. Zalupski’s group inherits a club known for punching above its financial weight, but also challenged by stadium instability and market pressures. How this group balances growth, legacy, and ambition may well determine whether Tampa Bay becomes a marquee franchise or remains a marvel of creative constraint.

In a sweeping decision, Major League Baseball owners unanimously approved the $1.7 billion sale of the Tampa Bay Rays to a group led by real estate developer Patrick Zalupski, officially ending Stuart Sternberg’s two-decade tenure. As the deal approaches formal closing, the new ownership inherits not just a team, but a franchise at a crossroads — stadium woes, fan apathy, and the promise of rewriting the Rays’ future.

A New Era Begins

The vote came on September 22, 2025, with MLB owners signaling full support for the Zalupski-led consortium, which includes notable executives and baseball figures. Sternberg will retain a transitional ownership stake as the baton passes. Under Sternberg, the Rays had multiple successes — four AL East titles, two World Series appearances, and a reputation for hitting above payroll weight. But persistent challenges, especially surrounding stadium efforts, marred his legacy.

The new group now inherits a team playing outside its usual home. Damage from Hurricane Milton rendered Tropicana Field unusable this season, forcing the Rays to play home games at Steinbrenner Field in Tampa. That move brought logistical strain, rain delays, and drastically reduced attendance. The new ownership’s first major task is to chart a viable, sustainable stadium path that restores stability and fan confidence.

Zalupski & Co.: Who’s Steering the Ship

Patrick Zalupski, the CEO of Dream Finders Homes, emerges as the face of this transformation. A Jacksonville-based developer familiar with large-scale projects, he now steps into sports. He’s joined by Bill Cosgrove, Ken Babby (a seasoned sports executive), and other investors who bring both financial muscle and strong local ties.

Zalupski has already signaled that keeping the franchise in the Tampa Bay area is a core priority. Early public statements emphasize commitment to the region and a desire to build stronger community relationships and fan engagement. The MLB, too, seems to back the idea: Commissioner Rob Manfred has repeatedly expressed optimism that the Rays will remain in the area.

Stadium Imperative: The Dealbreaker

One of the most critical legacies of Sternberg’s era is a string of failed stadium proposals. From Gas Plant District plans in St. Petersburg to Ybor City ideas in Tampa, nothing ever broke ground. By early 2025, the team officially withdrew from its $1.3 billion stadium plan adjacent to the Trop, citing cost escalations and timing concerns.

The Zalupski era may not have the luxury of delay. Tropicana’s damage, low attendance this season, and the temporary move to smaller-capacity venues underscore urgency. Local governments and planners now watch closely: this isn’t just about a ballpark — it’s about revenue, identity, and whether the Rays can truly anchor themselves again in the region.

Potential areas being eyed include Hillsborough County land near Steinbrenner, West Shore, and other Tampa Bay zones. But any bid will demand negotiation, incentives, and community buy-in.

Challenges Facing the New Ownership

1. Restoring fan faith After years of broken promises, skepticism runs deep. The new owners must balance vision with delivery — consistent communication, incremental wins, and transparency will be key.

2. Financial discipline A $1.7 billion purchase carries debt and expectations. Balancing roster upgrades, facility investments, and infrastructure will be a tightrope.

3. Stadium politics Local municipalities, zoning, traffic, infrastructure, taxation, and public sentiment all play a role. A misstep could spur opposition or delays.

4. Attendance & identity Playing in temporary or undersized venues threatens game-day vibes and revenue. The team must reclaim its brand connection to a broader Tampa Bay base.

5. On-field priorities While off-field challenges loom, maintaining competitiveness is essential. The Rays must continue scouting, player development, and roster construction to avoid undermining goodwill.

A Look Back & the Road Forward

Under Sternberg, the Rays rebranded from the Devil Rays and built respect in the league through resourceful roster construction. But persistent stadium limbo eroded leverage. The Zalupski group inherits both the successes and the unfinished chapters.

As the transaction nears closing, pressure mounts. Will the new regime deliver a stadium roadmap, engage fans, and elevate the franchise — or will it become another chapter in Tampa Bay’s long stadium saga?

One thing is clear: the Rays may be starting over, but the clock is already ticking.

Tampa Bay Rays and New York Yankees are AL East rivals in MLB. Yankees have 27 championships, while Rays have made two World Series appearances. The Tampa Bay Rays and New York Yankees are both part of the American League East division in Major League Baseball. The Rays are based in St. Petersburg, Florida and have been playing in the MLB since 1998, while the Yankees have a long history in the MLB dating back to 1901 and are based in New York City. Both teams have had success in the MLB, with the Yankees winning 27 World Series championships and the Rays reaching the World Series twice. The two teams have a competitive rivalry due to their close proximity. In the 2021 season, the Rays finished in second place with a 100-62 record, while the Yankees finished in third place with an 92-70 record.