Tampa Bay Rays CEO Ken Babby has put Hillsborough County on notice, warning in an email to commissioners that the team would be forced to “evaluate alternatives” if it cannot reach a financial agreement for a proposed $2.3 billion stadium in Tampa.
The Rays have proposed building the ballpark on land currently occupied by Hillsborough College, with a target opening date of spring 2029. The team has committed to paying half the cost and covering all overruns, with the remaining funds split between Hillsborough County and the City of Tampa.
Babby’s email, obtained by WUSF, stopped short of specifying what those alternatives might be, though the warning carries weight given that a group in Orlando has long sought to attract Major League Baseball to that region, and its former lead investor, Dr. Rick Workman, is now a minority owner of the Rays.
The team’s updated financing framework calls for $750 million from the county, $251 million from the city of Tampa, and $64 million from other public sources yet to be determined. That total falls roughly $75 million short of the $1 billion the team sought under a prior memorandum of understanding.
Surrounding the stadium, the Rays plan to invest more than $8 billion in a mixed-use development, with taxes from a Community Redevelopment Area helping to offset public costs. The project also includes a rebuilt Hillsborough College, to be funded by the state.
The Rays have set a June 1 deadline to finalize the financing agreement, citing practical constraints rather than pressure tactics — noting that missing the deadline could cost the project critical state funding for the college and push construction past 2029, materially increasing costs.
A central sticking point has been whether the county can legally direct funds from its half-cent Community Investment Tax toward stadium construction. Commissioners received an outside legal opinion this week, concluding that doing so would be lawful. The surtax was first passed in 2006 and was also used to help build Raymond James Stadium, but at the time of its renewal there was an expectation it would not be used for new stadium construction.
Hillsborough County commissioners recently held a workshop to consider whether to commit public tax dollars to the project.
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