1:55pm: The team is expected to remain in the Tampa Bay area if the current sale process is completed, Marc Topkin and Colleen Wright of the Tampa Bay Times report. It’s not yet clear where exactly within that region Zalupski’s group would seek to have a new stadium built.
12:18pm: The Rays have issued the following statement acknowledging the negotiations but declined to provide further comment or details:
“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. Neither the Rays nor the group will have further comment during the discussions.”
11:40am: Rays owner Stuart Sternberg is in “advanced talks” with Jacksonville real estate developer Patrick Zalupski about a sale of the franchise for approximately $1.7 billion, per a report from Scott Soshnick and Kurt Badenhausen of Sportico. Zalupski has signed a letter of intent to purchase the club, the Sportico pair adds, though that does not signify that a deal will definitely cross the line. Still, Joel Sherman off the New York Post hears similarly, reporting that talks between the two parties are serious and that the Zalupski-led group is the only buyer with which the Rays are negotiating at the moment.
Sternberg purchased the Rays franchise for $200MM back in 2004 and has spent years unsuccessfully attempting to secure public funding for a new stadium in or around the St. Petersburg/Tampa area. A deal finally looked to be well on its way toward completion a year ago, but Hurricane Milton wrought catastrophic damage on Tropicana Field, derailing those plans and pushing the Rays to temporarily relocate to Tampa’s George M. Steinbrenner Field — home to the Yankees’ Florida State League affiliate and their annual home park during spring training.
Zalupski is the CEO of Dream Finders Homes, a publicly traded, Jacksonville-based developer that has built more than 31,000 homes across ten states. Forbes estimates his net worth at $1.4 billion, while his company’s valuation rests at $3.4 billion.
Per Sportico, Zalupski is the lead investor in a larger group that counts Ken Babby and Bill Cosgrove among several potential minority stakeholders. The former holds majority stakes in the Marlins’ Triple-A affiliate and the Guardians’ Double-A club and is the son of prominent NBA agent (and former Phoenix Suns president of basketball operations) Lon Babby. The latter is the CEO of Union Home Mortgage Group. Other investors are involved and figure to come to light if the sale process indeed continues toward completion.
The potential sale of the team comes just months after spring reports suggesting that commissioner Rob Manfred and several owners throughout MLB were beginning to pressure Sternberg to orchestrate a sale of the club. At the time, Sternberg was said to at the very least be courting additional minority owners to invest in the team — all while local business leaders were in the early stages of putting together groups to potentially pursue a majority stake in the club. None of Zalupski, Cosgrove or Babby were listed as prospective buyers at the time, though it’s fair to presume they were involved in and/or spearheading some of those early efforts.
Sternberg has owned the Rays for more than two decades, and the team’s stadium has been at the forefront of any and all narratives surrounding the organization since that time. With the A’s in the process of moving to a new home on the Las Vegas strip, Tropicana Field was considered perhaps the most dilapidated facility in Major League Baseball — even before last year’s hurricane damage, which saw the entire roof ripped off “the Trop” and left the Rays without a home stadium for a few months. The move to Steinbrenner Field currently only runs through the 2025 season.
Throughout his time owning the Rays, Sternberg has explored a variety of options ranging from constructing a new facility on the existing site of Tropicana Field, to building a new stadium in downtown Ybor City — even to a convoluted split arrangement that would see the Rays host half their home games in Florida and half in Montreal. Beyond the dated nature of Tropicana Field, the location of the park has been a frequent source of consternation for fans; the stadium is not in Tampa proper but rather on the nearby — and, for many, difficult to access — Pinellas County peninsula in the city of St. Petersburg. That’s one of many prominent factors in the Rays’ longstanding attendance troubles.
With the Rays residing in a small media market and perennially unable to ramp up attendance, payroll has been a frequent issue. Tampa Bay is among the bottom teams in the league each year in terms of player payroll, despite receiving hefty annual sums from the league’s revenue-sharing system. The constant payroll restrictions from Sternberg have led to the Rays becoming notorious for developing star players then trading them off to other clubs for packages of younger, more controllable and — crucially — cheaper talent. That’s created something of a self-fulfilling prophecy, as it’s hard to retain fans and bolster attendance when local residents’ favorite players are constantly being shipped out for young players that are general unknowns to the majority of the fan base.
Prior to Hurricane Milton, the Rays had a tentative agreement for the construction of a $1.3 billion, 30,000-seat facility in the Gas Plant district near the existing Tropicana Field site. Construction of that park was part of a larger $6.5 billion redevelopment project in the area. Mass hurricane damage in the area slowed critical votes on funding and raised difficult to unanswerable questions about the cost of repairing Tropicana Field, the viability of potential interim homes for the Rays and various other logistical issues. Sternberg announced back in March that his team was no longer pursuing the Gas Plant project — an outcome that had grown increasingly inevitable as frustrations between the team, the city of St. Petersburg and Pinellas County all played out in ugly, public fashion.
The lost 2025 season at Tropicana Field also pushed the Rays’ existing lease at the stadium back a year; it had been slated to expire after the 2027 season but now runs through the 2028 campaign. Of course, it’s still not entirely clear that Tropicana Field will be repaired in time for the Rays to play their 2026 home games there. Colleen Wright of the Tampa Bay Times recently reported that the city of St. Petersburg approved another $5.3MM in funding, bringing the total to $38.5MM of the estimated $57MM needed to repair Tropicana Field’s damages. Whether the remainder of that funding will be approved and whether the requisite work can be completed in a timely manner remain unclear.
If the potential sale goes through, there will still be more questions than answers. The hope is that Tropicana Field will be ready at or very near the beginning of the 2026 regular season. Even if that timeline stays on track — in terms of securing remaining funding, completing the work and the wild card of avoiding any further weather damage during hurricane season — it still wouldn’t be clear where the team’s home games would take place following the 2028 campaign.
Manfred has said his hope is to keep two teams in Florida, though even that opens various possibilities. The Rays have explored building sites in several neighborhoods, and Hall of Famer Barry Larkin referenced the Rays’ ongoing stadium concerns when discussing his efforts as part of a group that hopes to bring Major League Baseball to Orlando. Looking beyond Florida, the cities of Nashville, Salt Lake City and Portland have made a desire to bring MLB to their cities known as well. All of those locations will be speculatively tied to the Rays as the current ownership situation plays out.
The Rays are up next in MLBTR's team-by-team look at the upcoming trade deadline. Tampa Bay has weathered an uneven start to the season and emerged in the thick of the division race. The Rays are currently six games over .500, good for third place in the American League East but sole possession of the American League's second Wild Card spot. They're five games back of the division-leading Blue Jays.
While most clubs tend to pick a buy or sell lane, the Rays are always open to a bit of a mixed-bag approach. They're constantly working to walk the line between rebuilding and contending and are never afraid to trade from the major league roster. President of baseball operations Erik Neander and his staff will be looking to add to the roster ahead of what looks like a very likely playoff run, but the Rays will probably still get some calls on some of their pricey veterans with dwindling levels of club control.
Record: 49-43 (57.3% playoff odds, per FanGraphs)
Other series entries: Rockies, Giants, Phillies, Pirates, Astros, Marlins, Athletics, Orioles, White Sox, Nationals, Cubs
Buy Mode
Potential needs: Outfield, catcher, right-handed bat, another reliever
It's always tough to identify exact needs on a well-rounded club. That's the Rays in 2025, but the outfield has been a revolving door of less-than-ideal options. Kameron Misner has seen the most plate appearances of any Ray in the outfield this year, and he's batted .214/.274/.347 in 216 plate appearances there. He faded badly after a hot start and was optioned to Triple-A Durham in late June.
Each of Jake Mangum, Josh Lowe, Christopher Morel and Chandler Simpson has received between 166 and 206 plate appearances in the outfield. Mangum and Morel have hit well but done so with the help of plenty of good fortune on batted balls. Simpson is getting his second look in the majors and using his speed and elite contact skills to produce solid offense. He could lead the majors in stolen bases but has 20-grade power (on the 20-80 scale), a well below-average walk rate and shaky defense in center. Lowe was terrific in 2023, pedestrian in 2024, and is somewhere in between in 2025.
The Rays have enough outfield options that they could mix-and-match for the rest of the season, playing the hot hand and rotating outfielders based on matchups they deem favorable. It's a tactic we've seen before from manager Kevin Cash (at various places on the roster), but some more stability and more power, in particular, might be welcome. Rays outfielders have been about league-average offensively on the whole, but they're benefiting from a .339 average on balls in play and rank 27th in the majors with a .121 isolated power mark (slugging percentage minus batting average). Only the Guardians and Royals have received fewer home runs from their outfield than the Rays' total of 21.
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The Rays are getting some bullpen help, acquiring right-handed reliever Bryan Baker from the Orioles in exchange for a 2025 Competitive Balance (Round A) draft selection, No. 37 overall. Both teams have announced the swap.
Baker adds a power arm with potent bat-missing ability to the Rays’ bullpen. The 30-year-old righty has pitched 38 1/3 innings for the Orioles this season and turned in a 3.52 ERA with an even more encouraging 32.5% strikeout rate and 6% walk rate. Baker sits 96.7 mph with his four-seamer, per Statcast, and he’s sporting a strong 13.1% swinging-strike rate on the season thanks in no small part to a changeup that’s graded out brilliantly thus far. Opponents are hitting just .154 and slugging a putrid .205 against Baker’s changeup.
This year’s numbers are skewed a bit by Baker’s outing just two days ago, when the Mets jumped him for four runs. He didn’t record an out and was tagged for a pair of home runs. Baker’s ERA ballooned from 2.58 all the way to its current 3.52 mark.
Baker has had some home run troubles (1.88 HR/9), but he’s also seen a fluky 20% of the fly-balls he’s allowed turn into home runs — well north of the 11.4% league average and nearly triple his career mark entering the season. Metrics like xFIP (2.78) and SIERA (2.37) — which normalize HR/FB to account for potential small-sample spikes like this — feel Baker has been vastly better than his earned run average would indicate. The Rays, presumably, are confident that the home run troubles will prove anomalous while Baker maintains his ability to miss bats and limit free passes.
In parts of four seasons with the O’s, Baker has a 3.73 ERA over the course of 176 1/3 innings. He currently boasts career-best marks in strikeout rate, walk rate, fastball velocity, swinging-strike rate and opponents’ chase rate. On top of that, he’s not yet into his arbitration years, having only amassed two-plus years of service time prior to 2025. He’ll cross the three-year mark this season and be eligible for arbitration for the first time this offseason. Tampa Bay can control him through the 2028 campaign.
Adding another reliever is typically a goal for all contending clubs, but it’s quite prudent for a Rays club that currently has Manuel Rodriguez (2.08 ERA in 30 1/3 innings) and Hunter Bigge (2.51 ERA dating back to last summer’s MLB debut) on the injured list at present. As noted just yesterday in our Trade Deadline Outlook on the Rays, Tampa Bay tends to prioritize under-the-radar pickups of just this sort of controllable reliever, as opposed to making plays for more obvious trade candidates with dwindling club control.
Baker has regularly worked in high-leverage spots for Baltimore this season. He’s tallied a pair of saves and 10 holds on the year already. He’ll now join a late-inning mix for the Rays, pairing with Garrett Cleavinger, Edwin Uceta and (once healthy) Rodriguez as a setup option for excellent closer Pete Fairbanks.
For the Orioles, they’ll add more firepower to what’s already a large draft pool. Draft picks awarded in Major League Baseball’s Competitive Balance lottery are the only picks eligible to be traded and may only be traded one time, so Baltimore will hang onto this pick and carry it into Sunday’s draft.
The Orioles, who gained compensatory picks at the end of the first round when Corbin Burnes and Anthony Santander signed elsewhere after declining qualifying offers, now have four of the first 37 selections in this year’s draft. In addition to that pair of comp picks, Baltimore also has a pick in Competitive Balance Round B (between the second and third rounds of the draft). That gives them a staggering seven picks in the first 93 selections of this year’s draft and a massive bonus pool worth more than $19MM — the largest of any team in MLB.
The O’s are selling Baker at close to peak value, but they won’t get any short-term help that could impact the team this year or next. Baltimore is 10 games under .500 and seven back of a Wild Card spot in the American League, so it’s not necessarily a shock to see them begin to sell off some big league pieces for future value. The question is whether this will end up as a one-off for now, with the O’s staying the course until closer to the deadline in hopes of a late surge back into the Wild Card chase, or whether this is the beginning of a larger sale.
Presumably, if the O’s ultimately end up trading off a larger slate of veteran players, they’ll begin to prioritize young talent that’s closer to MLB readiness. The O’s have rental players like Cedric Mullins, Ryan O’Hearn, Seranthony Dominguez, Tomoyuki Sugano, Gregory Soto, Charlie Morton and Zach Eflin, plus older veterans with reasonably priced 2026 club options like Andrew Kittredge and Ramon Laureano. General manager Mike Elias could field offers on that group while still keeping the core of Gunnar Henderson, Jordan Westburg, Colton Cowser, Adley Rutschman, Jackson Holliday and Grayson Rodriguez together in hopes of retooling for another run at contention in 2026. In that scenario, adding some young big leaguers or on-the-cusp prospects in Triple-A would be a sensible goal.
Robert Murray of FanSided first reported that Baker was being traded to the Rays. Ken Rosenthal of The Athletic first reported the return.
