Stu Sternberg, who has been the owner of the Tampa Bay Rays since acquiring the team in 1991, has reached an agreement in principle to sell the franchise to a group led by Florida-based developer Patrick Zalupski for $1.7 billion. The transaction, which is the highest price ever paid for an MLB team, represents a significant financial milestone for the Rays franchise and could signal a major shift in the ownership of the team. The deal, which is expected to close after regulatory approvals and due diligence, comes at a time of increased interest in the baseball market.
The sale of the Rays is being viewed as a landmark moment in the history of the franchise, as it marks the end of an era for Sternberg, who has led the team through multiple successful seasons. The new ownership group, which includes several investors with experience in sports and development, is expected to bring new resources and strategic direction to the organization. The move has also sparked discussions about the financial dynamics of MLB franchises and the potential for further growth in the sport’s business model.