Group of investors ready to buy Tampa Bay Rays and move team to Orlando
In the wake of the Tampa Bay Rays announcing Thursday that they are backing out of a proposed $1.3 billion stadium deal in St. Petersburg, the Orlando Dreamers — a group of investors trying to bring a Major League Baseball team to Central Florida — is ready to pounce.
A source within the Dreamers organization told the Sentinel Thursday night that they have an Orlando-based majority owner ready to buy the team and have financial commitments for more than a billion dollars to help fund a $1.7 billion domed stadium project on a 35.5-acre plot of Orange County land next to the Aquatica water park just across International Drive from SeaWorld.
The Dreamers, an effort started by late Orlando Magic co-founder Pat Williams, plan to make an official announcement Friday.
Like most other MLB team stadium construction projects, the Dreamers need to have a public-private stadium partnership to satisfy Major League Baseball. The Dreamers say they are prepared to fund a major portion of the proposed domed stadium while the remaining resources would come from Orange County potentially using the Tourist Development Tax. The Dreamers say they have been in contact with Orange County Mayor Jerry Demings about the latest developments.
'We are confident Orange County will step up to the plate when the time comes,' said a source within the Dreamers.
If Orlando ever wants to land an MLB team, the opportunity will never be better than this.
The Rays issued a statement by principal owner Stuart Sternberg on Thursday saying they are no longer pursuing a new stadium in St. Petersburg due to 'a series of events' in October, including funding delays due to two hurricanes — one that ripped the roof off Tropicana Field.
'After careful deliberation, we have concluded we cannot move forward with the new ballpark and development project at this moment,' Sternberg said in a statement. 'A series of events beginning in October that no one could have anticipated led to this difficult decision.
'Our commitment to the vitality and success of the Rays organization is unwavering. We continue to focus on finding a ballpark solution that serves the best interests of our region, Major League Baseball, and our organization.'
The Rays, under their current lease agreement with the city of St. Petersburg, are contracted to play three more seasons at Tropicana Field after it is repaired from the hurricane damage, which has rendered it unplayable for the upcoming season. The Rays will play this season at a minor league park in Tampa.
After that, nobody knows what will happen with the team. Major League Baseball is reportedly adamant that it wants the team to stay in Florida — the nation's third most-populous state. If that is indeed the case then there are really only two choices: Either the Rays would move across the bay into Tampa or move to Orlando.
'Major League Baseball remains committed to finding a permanent home for the club in the Tampa Bay region for their fans and the local community,' MLB said in a statement Thursday. 'Commissioner [Rob] Manfred understands the disappointment of the St. Petersburg community from today's announcement, but he will continue to work with elected officials, community leaders, and Rays officials to secure the club's future in the Tampa Bay region.'
The Dreamers held a news conference in late January when they introduced Major League Baseball Hall-of-Famer Barry Larkin, a 25-year resident of Orlando, as the new front man for the drive to bring a professional baseball franchise to Central Florida.
Larkin said then he had reached out to MLB commissioner Rob Manfred, who indicated to Larkin that putting a team in Orlando is 'an interesting and realistic opportunity.'
Originally Published: March 14, 2025 at 12:33 PM CDT
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