Latest news with #StuSternberg
Yahoo
18-07-2025
- Business
- Yahoo
Red Sox rival agrees to sell team after pressure from MLB commissioner (report)
The Tampa Bay Rays will reportedly be under new ownership soon. According to The Athletic, Rays owner Stu Sternberg has agreed in principle to sell the team for $1.7 billion, with a deal expected to come as soon as September. The new owners will reportedly be a group that is led by Florida-based real estate developer Patrick Zalupski. The deal comes amid a period of turmoil surrounding the team's home field. The Rays lost their normal field last year after the roof was torn off Tropicana Field during Hurricane Milton. The damage eventually led to Sternberg backing out of plans for a new stadium for the team. According to The Athletic, that led MLB commissioner Rob Manfred and other owners to start putting pressure on Sternberg to sell the team. Now, it looks like that sale will come through. On Tuesday, The Athletic reported that the new ownership group is expected to keep the Rays in the area, but would prefer to move out of St. Petersburg and across the bay to Tampa. With Tropicana Field out of commission, the Rays are currently playing their home games at the spring training home of the New York Yankees, Steinbrenner Field. More Red Sox coverage Jim Rice and Fred Lynn say heralded Red Sox rookies have it easier than they ever did 'He wanted to be a Red Sox': A look at some of Boston's Day 2 draft picks Red Sox draft local kid who hit 35 homers in last 119 games at Wake Forest Red Sox draft pick with 'big velocity' listed as candidate to make MLB debut in 2026 What to know about Red Sox on Day 2 of the MLB Draft, list of picks Read the original article on MassLive.
Yahoo
18-07-2025
- Business
- Yahoo
Manfred Expects Rays to Be Sold, Play 2026 Season in the Trop
ATLANTA — Major League Baseball commissioner Rob Manfred said Tuesday he expects the $1.7 billion sale of the Tampa Bay Rays from Stu Sternberg to Jacksonville, Fla., developer Patrick Zalupski to move forward. Sportico broke the news that the two sides were in advanced talks in June. 'I have no reason to quibble with or dispute the rumors that are out there about the Tampa sale,' Manfred said during his annual pre-All-Star Game briefing with members of the Baseball Writers' Association of America. More from Aaron Judge, Shohei Ohtani Carry MLB Into the All-Star Break MLB Pension Fights Tom Browning's Widow Over Benefits Buster Posey Bet Big on Rafael Devers. It's Been a Slow Start. As far as the process is concerned, Zalupski must be vetted by MLB's owners committee, which will pass its recommendation on to the 29 other owners for a vote. As in all ownership issues, 75% of that group must approve the franchise transfer. Manfred would not comment on the current status of the sale process. Sternberg bought the team in 2004 for $200 million. Sternberg has previously scuttled two deals related to ballpark projects on both sides of Tampa Bay. Most recently, the team pulled out of a projected $1.3 billion ballpark deal in St. Petersburg adjacent to the hurricane damaged Tropicana Field earlier this year. Manfred had urged Sternberg to sell the Rays after that. The Rays are playing this season in 11,000-seat Steinbrenner Field, the spring training home of the New York Yankees. The team will remain in the Tampa Bay area for at least the next three seasons by virtue of their lease with the city of St. Petersburg, Fla., and depending on when the facility is reopened. A new home will be addressed when and if the team is sold. Manfred said he expects the renovated facility to be ready by the start of the 2026 season, but MLB has contingencies if that doesn't happen. 'Look, we think we're going to be ready to play 2026 in the Trop,' Manfred said. 'I'm not going to get into details, but we do have contingency plans if the Trop is not ready to go in 2026. This is not the Rays telling us we're going to be ready. We have our own engineers on site monitoring construction, so we do believe we're going to be ready to go.' The St. Pete City Council voted in April to apportion $22.5 million to reconstruct the roof of the ballpark, which is made of Teflon slats that were destroyed last October by Hurricane Milton. By contract, the government entity is legally required to maintain Tropicana and repair it in the case of catastrophic damage. The roof slats are being manufactured overseas and are not expected to be installed until after the current hurricane season. More funds will be needed to fix flood damage inside the ballpark, which is expected to become more severe throughout the rest of the summer. The entire repair could cost in excess of $50 million. As far as where the Rays might play postseason games in 2025 if they happen to make the playoffs, Manfred told the Tampa Bay Times that it will be at Steinbrenner Field. The Rays are currently fourth and 5.5 games back in the American League East and fourth in the AL Wild Card race, 1.5 games behind Seattle in the third spot. 'Our rule has always been that people play in their home stadiums during the World Series,' Manfred said. 'And I'm not of a mind to change that rule. I understand it's a unique situation. It's different, but that's where they're playing. That's where they're going to play their games.' Best of Tennis Prize Money Tracker: Which Player Has Earned the Most in 2025? Browns Officially Get Public Money for New Stadium in Ohio Budget WNBA Franchise Valuations Ranking List: From Golden State to Atlanta
Newsweek
15-07-2025
- Business
- Newsweek
Postseason-Hunting Rays Sale Reportedly Expected To Be Finalized As Early As September
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The Tampa Bay Rays are on the edge of a playoff spot as the Major League Baseball season hits the All-Star break. Meanwhile, the sale of the franchise from owner Stu Sternberg to a group led by Patrick Zalupski is expected to be finalized in September, The Athletic reported Monday. ST PETERSBURG, FLORIDA - MAY 12: General view of a Tampa Bay Rays baseball hat during the third inning against the New York Yankees at Tropicana Field on May 12, 2024 in St Petersburg, Florida. ST PETERSBURG, FLORIDA - MAY 12: General view of a Tampa Bay Rays baseball hat during the third inning against the New York Yankees at Tropicana Field on May 12, 2024 in St Petersburg, Florida. Photo by Douglas P. DeFelice/Getty Images The sale of the Rays is expected to keep the team in the Tampa Bay area, with Rob Manfred saying that they are hopeful for the stadium to be ready for opening day next season. The plans for a new stadium were set aside after Hurricane Milton ripped the roof off the Rays' home, forcing the team to play at Steinbrenner Field, the spring training home of the rival New York Yankees. While the $1.7 billion sale has been agreed upon in principle, the final stretch for the deal will happen over the coming months. Sternberg has been fighting to get the Rays a new stadium for the last 20 years, and with plans falling through or just lacking support, the Rays' owner has opted to sell the team. With a group in Orlando vying for a major league franchise, the choice to move forward with a Jacksonville group did not faze the group fighting for Major League Baseball in Orlando. The Rays declined to comment to The Athletic about the sale, and as the final processes of the deal commence, the Rays will be fighting for their chance at October baseball in the second half. More MLB: MLB Insider Tags Cardinals As Destination For 24-Year-Old Starting Pitcher
Time of India
15-07-2025
- Business
- Time of India
Tampa Bay Rays valued at $1.7 billion in reported sale agreement
An agreement in principle has been reached for Major League Baseball 's Tampa Bay Rays to be sold to real estate developer Patrick Zalupski for approximately $1.7 billion, according to The Athletic. The deal, expected to be finalized by September - potentially before the end of the current MLB season - would keep the franchise in the Tampa Bay region. The Rays, currently 50-47 and battling for a wildcard spot in the American League, have made two World Series appearances, losing to the Phillies in 2008 and the Dodgers in 2020. Despite their on-field competitiveness, the team has consistently ranked among the least valuable MLB franchises. Forbes valued the Rays at $1.25 billion in March 2025, second-lowest among MLB's 30 teams. Current owner Stu Sternberg , who bought the franchise in 2004 for $200 million, revealed last month that the club had entered exclusive negotiations with Zalupski, a Jacksonville-based real estate executive. That dialogue now appears to have culminated in a deal. One major question surrounding the team has been its stadium situation. The Rays recently withdrew from an agreement with St. Petersburg officials to construct a new stadium, casting uncertainty over their long-term home. Complicating matters, Tropicana Field - where the Rays have played since their 1998 debut - suffered roof damage from Hurricane Milton in October 2024. Live Events With repairs ongoing, the team is set to play its 2025 home games at Steinbrenner Field in Tampa, typically used by the New York Yankees for spring training. The Rays aim to return to Tropicana Field in 2026. Economic Times WhatsApp channel )
Yahoo
15-07-2025
- Business
- Yahoo
Deal made in principle to sell MLB Rays for $1.7 bn: report
A deal in principle has been struck to sell MLB's Tampa Bay Rays, whose domed home stadium Tropicana Field is seen in tatters after Hurricane Milton struck (JOE RAEDLE) An agreement in principle has been reached for Major League Baseball's Tampa Bay Rays to be acquired by developer Patrick Zalupski for about $1.7 billion, The Athletic reported Monday. The deal is expected to be completed as soon as September, possibly before the end of the current MLB season, and keep the club in the Tampa region, the sports news website owned by The New York Times said, quoting an unnamed source. Advertisement At 50-47, the Rays are fourth in the American League East division and seventh overall in the AL, in the fight for a wildcard playoff berth. The Rays have twice reached the World Series, losing to Philadelphia in 2008 and to the Los Angeles Dodgers in 2020. Forbes magazine ranked the Rays as the second-least valued MLB club at $1.25 billion in March, with only the Miami Marlins below them among the 30 MLB teams, at $1.05 billion. The Rays, whose owner Stu Sternberg purchased the team for $200 million in 2004, said last month they were in exclusive talks with Jacksonville real estate executive Zalupski about a sale. Advertisement The team pulled out of a deal with officials in St. Petersburg to build a new stadium, leaving in doubt the club's future home after the expiration of their lease at the domed Tropicana Field. Damage from Hurricane Milton tore apart the roof of the stadium last October and has forced the team to play home games for the 2025 season at Steinbrenner Field in nearby Tampa, the pre-season training home of the New York Yankees. Repairs are being made to Tropicana Field, with hopes the Rays will play there for the 2026 season. js/dw
