On the baseball field, the Tampa Bay Rays have been a model of consistency for nearly two decades.
Having been the American League’s punchline franchise during their first decade of existence, they have become the yardstick by which small market teams measure themselves during the tenure of Stu Sternberg, who became the team’s principal owner in 2004. They have two World Series appearances, have a .572 winning percentage in the 2020s, and have not finished last in the division since 2016.
Everything ends eventually, however. Earlier this month, according to the Rays themselves, the team entered into serious “exclusive discussions” about a change in ownership. Reportedly, Florida-based home developer Patrick Zalupski is leading a group interested in purchasing the Rays’ for $1.7 billion, in conjunction with other “prominent” Tampa Bay investors. And if Zalupski’s group’s “exclusivity” were to end, another group is openly expressing their interest too.
Rays’ Stadium Situation Still Looms Large
Somehow, that two-decade consistency in terms of ownership and the on-field production has come despite being at odds with the inconsistency of the team’s stadium situation.
Even before the substantial damage inflicted by Hurricane Milton, the Rays’ home stadium, Tropicana Field, had been an enormous burden. The will-they-won’t-they, push-pull, seemingly interminable developments in the story of a new Rays stadium, that have been going on for two decades now, have repeatedly threatened to destabilize the franchise. And before Milton, the news regarding a new stadium was once again not good.
Despite initial investment in improving the facilities and fan experience at the Trop, then, the uncertainty over the team’s future continues to hang over the franchise that mars everything – including any future sale.
Furthermore, another ugly situation has cast a shadow over the past couple of seasons. Supposed franchise player Wander Franco has been away from the team since August 2023 due to pending charges of sexual exploitation of a minor. The situation was only resolved this week, with Franco receiving a two-year suspended prison sentence, and his baseball career appears to be over.
With all this in mind, the job that the Rays are doing on the field is even more commendable.
Somehow – despite not knowing where or when they will play, despite not knowing who will be traded next in the endless cost-cutting cycle, despite not knowing what is going on with Franco, despite not knowing if the team is going to be moved, and despite not even now knowing who will be signing their next few paychecks – the Rays are back to being among baseball’s best teams.
Somehow Staying In Contention
Despite dropping two of their last three games to the Baltimore Orioles, the Rays are second in the American League East with a 47-37 record, just 1.5 games back of the New York Yankees. They have posted a 17-9 record in June to close down what was once a 6.5 game margin, and have massively improved as an offensive unit despite trading half of their hitting line-up this time last season.
Furthermore, news of the sale might provide reassurance that the team will not be moved after all. In light of the one-time rumors of relocation, or a split-city deal with Montreal, it will come as a great relief for the fanbase to note the identity of the bidders. Zalupski is a Floridian, and his partner Ken Babby already owns the Jacksonville Jumbo Shrimp, the Triple-A affiliate of the Miami Marlins.
Maybe, then, the Rays will not be on the move after all.
Even though Forbes ranks the Rays as the second-lowest valued franchise in the Major Leagues currently – ahead only of fellow Florida franchise, the Marlins – the $1.7 billion valuation, if it were to become the final price tag, would still represent a substantial return on investment for Sternberg. When he purchased the team from founding owner Vince Naimoli 21 years ago, Sternberg paid only $200 million, and stands to make more than 800% on his initial purchase price.
Every year hence, the Rays have either had baseball’s lowest payroll, or extremely close to it. They play in a stadium no one wants (something doubly true this season), for a budget price, and yet even with the added drama of the past couple of seasons, they are still in contention for the postseason.
$1.7 billion does not buy respectability. But the Rays already have that in spades.
With $1.7 Billion Sale Pending, Rays Press Forward on the Field