The Tampa Bay Rays are in exclusive negotiations to sell the franchise to a group led by Jacksonville homebuilder Patrick Zalupski in a deal reportedly valued at $1.7 billion.

Multiple sources confirm that Zalupski has signed a letter of intent to buy the team. While not legally binding, the agreement signals serious momentum toward a sale.

Zalupski, 44, is the founder, president, and CEO of Dream Finders Homes. He was also appointed to the University of Florida Board of Trustees in early 2023.

It remains unclear how a sale would affect the team’s long-stalled stadium plans under current owner Stuart Sternberg. In March, Sternberg abandoned a $1.3 billion proposal to build a new ballpark next to Tropicana Field, citing Hurricane Milton and related delays that drove up costs.

At the time, the Rays said “a series of events” in October—including significant storm damage to the Trop and holdups in funding—forced the team to make what it called “this difficult decision.”

With Tropicana Field still undergoing roof repairs after the hurricane, the Rays are playing their 2025 home games at Steinbrenner Field in Tampa, the New York Yankees’ spring training facility. The stadium seats about 11,000.

As of Wednesday, the Rays held a 40-33 record, placing second in the American League East and leading the AL Wild Card race. Repairs at Tropicana Field are expected to be completed in time for the 2026 season.

In a statement Wednesday, the team said: “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.”

The City of St. Petersburg also issued a brief statement: “The Rays team has not spoken to City administration regarding the reported sale of the team.”

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(Image credit: Tampa Bay Rays)

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