The Brief
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The sale of the Tampa Bay Rays was finalized on Tuesday after MLB owners approved it last week.
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The team was sold to a new ownership group led by Florida-based business executive Patrick Zalupski.
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Zalupski will be joined at the executive level of his ownership group by Bill Cosgrove and Ken Babby, according to the Rays.
ST. PETERSBURG, Fla. – The Tampa Bay Rays sale to a new ownership group led by Florida-based business executive Patrick Zalupski has been finalized.
Team officials said Zalupski officially closed on the purchase on Tuesday with former Rays owner Stuart Sternberg after it was unanimously approved by Major League Baseball owners last week. The Rays also said the Tampa Bay Rowdies were also included in the deal.
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Who’s behind the new ownership group?
Zalupski, who led the new ownership group for the Rays, is the founder and CEO of Jacksonville-based home builder, Dream Finders Inc. He’ll be joined at the executive level of his ownership group by Bill Cosgrove and Ken Babby, according to the Rays.
Cosgrove is the CEO of Ohio-based Union Home Mortgage, which is a longtime title sponsor of the Union Home Mortgage Gasparilla Bowl in Tampa. Officials said Babby is the founder and CEO of Fast Forward Sports Group, which owns the Jacksonville Jumbo Shrimp, the AAA-affiliate of the Miami Marlins and the Akron RubberDucks, the AA-affiliate of the Cleveland Guardians.
Pictured: Patrick Zalupski.
What they’re saying
Zalupski released the following statement after closing on the sale of the Rays:
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“It’s an incredible honor to become the stewards of the Tampa Bay Rays, a franchise with a proud history and a bright future. We are especially privileged to have been chosen by Stu Sternberg as his successors, and we’re all energized by the responsibility to serve Rays fans everywhere and this great game.
I want to sincerely thank Commissioner Rob Manfred and the entire Major League Baseball community for their trust and support throughout this process. We will work hard to earn the respect and confidence of our fans and new MLB partners, and we are excited about the upcoming challenge to deliver a world-class experience on and off the field.”
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Cosgrove also released a statement:
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“Baseball has always been a part of my life, and now I get to join an ownership group for a team I’ve admired for years. It’s humbling, and I can’t wait to share this journey with the fans and the Tampa Bay community.’’
Babby also released a statement after the sale:
“Baseball is about joy, connection, and community. I’ve seen firsthand how a ballpark can bring people together, and I’m honored to help create those moments paired with a continued culture of winning here in Tampa Bay. We’re committed to delivering an exceptional fan experience while continuing the Rays tradition of excellence, and we can’t wait for Opening Day, April 6, in re-opened Tropicana Field, and celebrating the community’s resiliency.’’ Â
READ: Tampa Bay Rays wrap up 2025 home schedule with no rainouts at Steinbrenner Field
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The MLB Commissioner, Rob Manfred, shared a statement on the sale:
“Major League Baseball is pleased to welcome Patrick and his partners to the ownership ranks. Their collective experience and passion for the game will serve the Rays well as they enter this exciting new chapter.”
What we know
Zalupski will also serve as MLB Control Person and Co-Chair for the Tampa Bay Rays, according to the Rays. Cosgrove will also serve as co-chair while Babby is the chief executive officer and will oversee day-to-day business operations of the club.
The team said Erik Neander, the Rays’ top-ranking baseball official who is currently in his 19th year of service to the Rays, will continue in his role as president of Baseball Operations.
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Zalupski and Cosgrove will establish an executive advisory board of select investors of the broader ownership group, which will include Dr. Rick Workman, Doug Hertz, Will Weatherford, Robert Skinner, Dan Doyle Jr. and Matt Silverman. The team said Fred Ridley will also serve as an independent member of the executive advisory board.
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The backstory
This now marks the Rays’ third ownership group since the MLB awarded the Tampa Bay area an expansion franchise in 1995, according to the team. The late Vince Naimoli was the original principal owner before now former Rays owner Stenberg took over after the 2005 season, officials said.
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The Rays said the team has owned the third-best record in baseball since 2008 and have made nine trips to the postseason, including World Series appearances in 2008 and 2020.
What we don’t know
The purchase price of the team wasn’t disclosed by the Rays. However, previous reports by the Associated Press noted it was a $1.7 billion sale.
The team said a group of limited partners with “deep connections” to the Tampa Bay area will also join the overall ownership team, but that will be announced in the “near future.”
What’s next
The new ownership group is expected to provide more information during a news conference that will be held on Tuesday, October 7 at 10:30 a.m.
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The Source
The information in this story was released by the Tampa Bay Rays in a press release. It also includes statements made by the new ownership group as well as MLB Commissioner Rob Manfred.
