The Tampa Bay Rays are now owned by a group led by Patrick Zalupski, the founder and CEO of Dream Finders Homes, a large publicly traded homebuilder based in Jacksonville, Florida.
Zalupski agreed to buy the team in July 2025, and the sale officially closed on September 30, 2025, ending Stuart Sternberg’s eighteen year run as controlling owner.
The purchase price was reported at approximately 1.7 billion dollars, a massive jump from the 130 million dollars the franchise cost as a 1998 expansion team.
Zalupski did not buy the club alone. He shares the ownership group with Bill Cosgrove, CEO of Union Home Mortgage, who serves as co chair, and Ken Babby, founder of Fast Forward Sports Group, who now runs the franchise day to day as chief executive officer.
Baseball operations stayed stable through the ownership change. Erik Neander continues as President of Baseball Operations, giving the front office continuity even as the money behind the team completely changed hands.
Forbes now values the Rays at around 1.7 billion dollars as of March 2026, putting the club near the bottom of MLB valuations even after the ownership change and years of on field success.
The freshest story around the new owners is not the sale itself, it is the ballpark. In January 2026 the group selected a site near Tampa International Airport for a proposed 2.3 billion dollar stadium meant to replace Tropicana Field by 2029.
Here is the twist that makes this story genuinely strange. The team spent all of 2025 playing home games in Tampa at a spring training park because Hurricane Milton tore the fabric roof off Tropicana Field, and only returned to a freshly repaired Trop in April 2026, all while a brand new owner was simultaneously plotting yet another stadium just a few miles away.
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Tampa Bay Rays Ownership At A Glance
| Team | Tampa Bay Rays |
| Current Owner | Patrick Zalupski led ownership group |
| Previous Owner | Stuart Sternberg (owned 2005 to 2025) |
| Purchase Price | Approximately 1.7 billion dollars, closed September 30, 2025 |
| 2026 Valuation | 1.7 billion dollars per Forbes |
| Founded | 1998, as the Tampa Bay Devil Rays |
| League | Major League Baseball, American League East |
| Home Stadium | Tropicana Field, repaired after Hurricane Milton, new ballpark proposed for 2029 |
| World Series Appearances | Two, in 2008 and 2020, no title yet |
| CEO | Ken Babby, founder of Fast Forward Sports Group |
The Zalupski Ownership Structure
The Rays are controlled by a small group of executives from outside traditional sports ownership circles, blending homebuilding, mortgage lending, and minor league sports management.
Co Chair, Dream Finders Homes CEO
Co Chair, Union Home Mortgage CEO
Chief Executive Officer
President of Baseball Operations
Tampa Bay Rays Ownership History
The Rays franchise has changed hands only twice since it joined the American League, a history detailed on Wikipedia.
Vince Naimoli’s ownership group launches the Tampa Bay Devil Rays as an expansion team.
Stuart Sternberg buys controlling interest from Naimoli and reshapes the front office.
The Devil Rays drop the Devil and reach their first World Series as the Tampa Bay Rays.
The Rays reach the World Series again, losing to the Los Angeles Dodgers.
Milton tears the roof off Tropicana Field, forcing the Rays out of their home park.
Patrick Zalupski’s group finalizes its purchase of the Rays from Sternberg on September 30, 2025.
Ownership picks a site near Tampa International Airport for a proposed new stadium.
How Much Did Zalupski Pay For The Rays In 2025
Patrick Zalupski’s group agreed to buy the Rays for a reported 1.7 billion dollars, according to ESPN.
That figure was not officially confirmed by Major League Baseball, which almost never discloses exact sale prices, but it matches independent Forbes estimates of the club’s value at the time of the deal.
The deal was first reported in July 2025 as an exclusive negotiation, then formally approved by MLB owners before closing on September 30, 2025.
It is a striking number next to the 130 million dollars Naimoli’s group paid for the expansion rights back in 1995, and it reflects both league wide media revenue growth and the scarcity value of owning any of the thirty MLB franchises.
Notably, the price came together despite the Rays having no clear long term stadium plan at the time, a sign of just how valuable MLB franchises have become regardless of local ballpark uncertainty.
Is Zalupski A Good Owner: Is Rays Ownership Really Worth It
It is early, but the early signs mix genuine promise with real frustration for fans watching the transition.
On the positive side, the front office led by Erik Neander stayed intact through the sale, preserving one of the sport’s most respected sabermetric operations, a group that has consistently produced winning records on one of the lowest payrolls in baseball.
New CEO Ken Babby also brings a strong minor league track record of turning around struggling ballpark experiences, which fans hope translates to better attendance and atmosphere.
On the negative side, the Rays have long struggled with some of the lowest attendance figures in Major League Baseball, and the stadium chaos of the last two years has not helped build a stable local fan base.
The new ballpark push near the Tampa airport also raises the familiar tension around public funding for private sports franchises, since roughly half of the proposed 2.3 billion dollar project would rely on taxpayer support.
There is also lingering fan anxiety that a new, wealthier ownership group with connections outside Tampa Bay could eventually explore relocation if a stadium deal falls apart, even though ownership has publicly committed to staying in the region.
The verdict so far, cautious optimism, the baseball people stayed in place and the new owners have money and stadium ambition, but they still have to prove they can actually get a ballpark built.
How Much Are The Tampa Bay Rays Worth In 2026
According to Forbes, the Tampa Bay Rays are worth approximately 1.7 billion dollars as of the March 2026 valuations.
Forbes estimates the team generated around 290 million dollars in revenue for the 2025 season, a modest figure compared to large market clubs but respectable for one of the smallest media markets in MLB.
Operating income, essentially earnings before interest, taxes, depreciation and amortization, came in at roughly 31 million dollars for the season.
The Rays sit near the lower end of MLB valuations overall, which analysts largely attribute to the unresolved stadium situation weighing on long term revenue projections.
What Is Zalupski’s Net Worth In 2026
Forbes estimates Patrick Zalupski’s personal net worth at roughly 1.1 billion dollars as of March 2026, built almost entirely on his homebuilding company.
Zalupski founded Dream Finders Homes in 2008, growing it from a small regional builder into a publicly traded company after its 2021 initial public offering.
Dream Finders now builds homes across eight states, mostly in the Southeast, with a business model focused on first time buyers and move up buyers.
The Rays purchase marked Zalupski’s entry into major professional sports ownership, a significant step for a Jacksonville based executive who built his fortune largely outside the national spotlight.
Tropicana Field And The Stadium Situation
Hurricane Milton ripped the fabric roof off Tropicana Field in October 2024, forcing the Rays to play the entire 2025 season at a minor league park in Tampa.
Repairs took more than a year and cost roughly 60 million dollars, including a new roof, new turf, an upgraded video board, and restoration of the team’s signature centerfield ray tank.
The club returned to a fully repaired Tropicana Field for its home opener in April 2026, with CEO Ken Babby calling the facility arguably in its best shape ever.
Even so, the current lease only runs through roughly 2028, which is why ownership is simultaneously pursuing a brand new ballpark, a topic covered in depth alongside other league business on this related coverage.
Is The Tampa Bay Rays For Sale In 2026
No, the Tampa Bay Rays are not currently for sale. Ownership only changed hands in September 2025, and Patrick Zalupski’s group is firmly in control heading into the 2026 season.
The new owners are focused on stadium plans rather than another sale, actively pushing forward a proposed 2.3 billion dollar ballpark near Tampa International Airport.
Fans occasionally speculate about future minority stake sales as the ownership group finances its new ballpark, a common practice among MLB owners, which readers can compare against other Florida based brands on this Florida brand overview.
Barring a surprise development, expect the current group to remain in place for years while it works to secure public funding and finalize the new stadium project.
Frequently Asked Questions About Tampa Bay Rays Ownership
Who Is The Owner Of The Tampa Bay Rays
Patrick Zalupski leads the ownership group that bought the Tampa Bay Rays in September 2025, alongside co chair Bill Cosgrove and CEO Ken Babby.
Who Is Patrick Zalupski
Patrick Zalupski is the founder and CEO of Dream Finders Homes, a publicly traded homebuilder, with a net worth of roughly 1.1 billion dollars as of 2026.
How Much Did Zalupski Pay For The Rays
Zalupski’s group paid approximately 1.7 billion dollars for the Tampa Bay Rays, with the sale closing on September 30, 2025.
Is The Tampa Bay Rays For Sale In 2026
No. The team is under new ownership as of late 2025 and is not currently listed for sale, with the group instead focused on building a new ballpark.
I am Jack Neel, a mechanical engineer, researcher, and writer. I created this website to share my knowledge about different brands and products with you. I research the manufacturers behind the brands and provide you with the information you need to make smart buying decisions.