Latest news with #KenBabby
Yahoo
9 hours ago
- Business
- Yahoo
The Tampa Bay Rays are in advanced talks to sell team
The Tampa Bay Rays are in advanced talks to sell team A group of investors led by a Jacksonville developer is in exclusive talks to buy the Tampa Bay Rays, the team said Wednesday. In a two-sentence statement, the Rays said the team is discussing a possible sale with Patrick Zalupski, Bill Cosgrove, Ken Babby 'and prominent Tampa Bay investors.' Advertisement Zalupski, 44, is the founder, president and CEO of Dream Finders Homes in Jacksonville. He is also a member of the Board of Trustees of the University of Florida. 'Neither the Rays nor the group will have further comment during the discussions,' the statement concluded. The news comes at a critical time for the Rays, who were forced to play home games this season at the New York Yankees' spring training stadium in Tampa after Hurricane Milton destroyed the roof of Tropicana Field in St. Petersburg last year. Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.
Axios
11 hours ago
- Business
- Axios
Tampa Bay Rays in talks to sell team
The Tampa Bay Rays are in discussions to sell the team, officials confirmed in a statement Wednesday. Why it matters: The potential sale raises more questions about the future of the team just a few months after plans to build a new stadium in downtown St. Petersburg fell apart. State of play: The discussions, first reported by Sportico, are with a group led by Patrick Zalupski, a Jacksonville home builder; Ken Babby, who owns the Jacksonville Jumbo Shrimp minor league baseball team; and Bill Cosgrove, the CEO of an Ohio-based mortgage firm. Unnamed "prominent Tampa Bay investors" are also part of the group, per the Rays' statement. "Neither the Rays nor the group will have further comment during the discussions," it goes on to say. The intrigue: The potential deal values the team at $1.7 billion, per the Sportico report. The sports business news outlet also reported that Zalupski had signed a letter of intent to buy the team. Current owner Stuart Sternberg bought the team in 2004 for $200 million. Between the lines: The stadium plan's unraveling put Sternberg at odds with local elected officials, making the odds of a deal revival appear slim to none.
Reuters
13 hours ago
- Business
- Reuters
Rays' owner discussing sale of team to Florida developer
June 18 - Tampa Bay Rays principal owner Stu Sternberg is in talks to sell the franchise to a group led by a Florida-based residential developer. Patrick Zalupski, a home builder in Jacksonville, was identified as the potential lead buyer in a deal that values the team at about $1.7 billion, according to a report Wednesday by Sportico. He already has executed a letter of intent to purchase the team, per the report. Sternberg bought the Rays in 2004 for $200 million. The Rays issued a statement responding to the report, confirming 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." According to the Rays' statement, neither side will have further comment during the discussions. According to Zalupski's online bio, he is the founder, president and CEO of Dream Finders Homes. The company was founded in December 2008 and closed on 27 homes in Jacksonville the following year. Now, with an expanded footprint to many parts of the United States, Dream Finders has closed on more than 31,100 homes since its founding. He also is a member of the board of trustees at the University of Florida. A year ago, Sternberg had a deal in place to build a new stadium in the Historic Gas Plant District, a reimagined recreational, retail and residential district in St. Petersburg to replace Tropicana Field. However, after Hurricane Milton shredded the roof of the stadium last October, forcing the Rays into temporary quarters, Sternberg's commitment has been less than resolute, saying the team would have to bear excess costs that were not in the budget. In March, MLB commissioner Rob Manfred and some other owners began to privately push Sternberg to sell the franchise, The Athletic reported. It is unclear what Zalupski's group, if it ultimately goes through with the purchase and is approved by MLB owners, would do for a permanent stadium. The Rays currently are playing at George M. Steinbrenner Field in Tampa, located at the site of the New York Yankees' spring training facility and home of their Single-A Tampa Tarpons. --Field Level Media
Yahoo
13 hours ago
- Business
- Yahoo
DreamFinders Homes CEO, Jumbo Shrimp owner among those in talks to buy the Tampa Bay Rays
An investment group interested in buying the Tampa Bay Rays includes prominent Jacksonville business figures. The Rays released a statement Wednesday confirming that it was discussing a possible sale of the team. '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 club said Wednesday while declining further comment. Advertisement Zalupski is from Ponte Vedra Beach and is the Founder, Chairman, and Chief Executive Officer of Dream Finders Homes, Inc. [DOWNLOAD: Free Action News Jax app for alerts as news breaks] Babby is the owner of the Jacksonville Jumbo Shrimp, which is the Triple-A affiliate of the Miami Marlins. A representative for the Jumbo Shrimp told Action News Jax's radio partner WOKV, 'We have no comment at this time.' [SIGN UP: Action News Jax Daily Headlines Newsletter] Action News Jax reached out to the city of Jacksonville about this development and received the following statement: 'Jacksonville has fantastic fans and sports are a big economic driver for our city. It is premature to consider the opportunity at this point, but anything is possible down the road as we continue to grow.' Advertisement This is a developing story. Action News Jax will update this story as we receive more information. Click here to download the free Action News Jax apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action Sports Jax 24/7 live.
