Latest news with #StuSternberg
Reuters
20 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
a day ago
- Business
- Yahoo
Rays in talks to sell team to Florida home developer in deal valued at $1.7 billion
The Tampa Bay Rays are in "advanced talks" to sell the team to a group led by Florida home developer Patrick Zalupski, according to Sportico. The Rays confirmed the team engaged in "exclusive discussions" with a group led by Zalupski, but said it would not provide further comment about those talks. The team is reportedly valued at roughly $1.7 billion in the deal, per Sportico. Zalupski has reportedly signed a letter of intent to purchase the franchise. That does not guarantee the sale will happen, however, according to Sportico. Advertisement In March, a report emerged suggesting Rays owner Stu Sternberg was being pressured by the league and some of its owners to sell the franchise. Sternberg, who originally purchased the team for $200 million in 2004, has been seeking a new stadium for the Rays for over a decade. While it appeared the team had finally reached an agreement to build a new stadium in St. Petersburg, Florida, the Rays backed out of that deal in March. Zalupski is the CEO of Dream Finders Homes, a company that builds and designs homes. His net worth is valued at $1.4 billion, per Forbes. In March, Forbes valued the Rays at $1.2 billion in the website's annual "Most Valuable Teams" rankings. That figure ranked the Rays 29th out of 30 MLB teams, with the Miami Marlins sitting in the final spot on that list.
Forbes
a day ago
- Business
- Forbes
Tampa Bay Rays In Exclusive Talks To Sell Club To Group Led By Florida Home Builder
The Tampa Bay Ray are in exclusive talks to sell the team. (Photo by Carlee Calfee/MLB Photos via ... More Getty Images) The Tampa Bay Rays have announced that they are in advanced talks to sell to a group led by Patrick Zalupski, the founder, chairman, and CEO of Dream Finders Homes, a Florida-based homebuilder. The Rays released a statement saying, 'The team has recently commenced exclusive discussions with a group led by Zalupski, Bill Cosgrove, Ken Babby, and prominent Tampa Bay investors concerning a possible sale of the team.' Sportico reported that the deal has a team value of $1.7 billion. The most recent Forbes valuation ranks the Rays 29th out of 30 with a value of $1.25 billion. Forbes shows Zalupski's real-time net worth as $1.4 billion. Stu Sternberg purchased the Rays for $200 million ($340,354,685 inflation-adjusted) in 2004. A potential sale has been somewhat expected. The Rays have struggled to build a new ballpark to replace Tropicana Field, and that issue was compounded when Hurricane Milton shredded the roof off The Trop. The Rays have been playing at Steinbrenner Field, the Yankees' Spring Training home, while awaiting repairs to be made. While the St. Petersburg City Council voted 7-1 to approve $22.5 million for repairs, the Rays announced in March that they were backing out of a deal with the city and Pinellas County for a new $1.3 billion ballpark, citing increased costs. That raised the ire of MLB Commissioner Rob Manfred and several owners, given that a new ballpark for the Rays is the last impediment to league expansion. The Athletic reported in March that Sternberg was being pressured to sell the club. Should the sale transpire, new ownership would face the new ballpark issue front and center. While the price tag was $1.3 billion, it's unclear whether changes to the economy, with the additions to tariffs and inflation, would increase the price tag, and whether Zalupski and his partners would be able to engage with the City of St. Petersburg to get a ballpark built near where Tropicana Field sits. Under Sternberg, the Rays had committed to contributing $700 million to the new ballpark.
Reuters
a day ago
- Business
- Reuters
Report: Rays' owner in 'advanced talks' to sell team to Florida developer
June 18 - Tampa Bay Rays principal owner Stu Sternberg is in "advanced talks" to sell the franchise to a group led by a Florida-based residential developer, Sportico reported Wednesday. Patrick Zalupski, a home builder in Jacksonville, has been identified as the potential lead buyer in a deal that values the team at about $1.7 billion. He already has executed a letter of intent to purchase the team, per Sportico. Sternberg bought the Rays in 2004 for $200 million. 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
Daily Mail
a day ago
- Business
- Daily Mail
BREAKING NEWS MLB's Tampa Bay Rays in talks over stunning $1.7billion sale to homebuilding tycoon
The Tampa Bay Rays are deep in discussions over a $1.7billion sale of the team, according to a new report. According to Sportico, Florida homebuilding tycoon Patrick Zalupski is leading a group interested in purchasing the team, with the outlet citing several anonymous sources. Zalupski has reportedly signed a letter of intent to purchase the team, though the deal is not yet completed. The team's current owner, Stu Sternberg, bought the Rays for $200million in 2004. In recent years, the franchise has struggled for attendance at home games and spent among the least in MLB in payroll. Other people reportedly in Zalupski's ownership group include minor league baseball owner Ken Babby, and mortgage exec Bill Cosgrove. Zalupski, who is based out of Jacksonville, Florida is the founder of CEO of Dream Finders Homes. The company, which is said to specialize in constructing homes for first-time buyers, is valued at $3.4million according to Sportico.
