Tampa Bay Rays owner Stu Sternberg may finalize a deal to sell the team as early as September, according to a report by The Athletic. The sale, valued at approximately $1.7 billion, would transfer ownership to a group led by Jacksonville developer Patrick Zalupski.

The prospective buyers reportedly intend to keep the Rays in the Tampa Bay area, but favor building a new stadium in Tampa rather than St. Petersburg.

The report cited a source familiar with the negotiations who was not authorized to speak publicly.

The Rays have not confirmed a timeline for the sale but previously acknowledged being in exclusive discussions with Zalupski’s group. Any deal would need approval from at least 75% of Major League Baseball team owners.

Sternberg, who purchased the team for $200 million in 2004, has not commented publicly on the reported developments.

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