The sale of the Tampa Bay Rays to an ownership group led by Dream Finders Homes Inc. CEO Patrick Zalupski was finalized on Tuesday, the Rays announced in a news release.
The sale was unanimously approved by Major League Baseball owners, ushering in a new era for the organization. However, the terms of the deal were not disclosed.
"It's an incredible honor to become the stewards of the Tampa Bay Rays, a franchise with a proud history and a bright future," said Zalupski. "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.”
The closing of the sale marks the end of a 20-year tenure for Stuart Sternberg as principal owner of the Rays. It was first reported in June that Sternberg was in advanced talks to sell to Zalupski’s group, which includes Bill Cosgrove, CEO of Ohio-based Union Home Mortgage, longtime title sponsor of the Union Home Mortgage Gasparilla Bowl in Tampa; and Ken Babby, 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.
“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."
According to the release, Zalupski will serve as MLB Control Person and Co-Chair for the Tampa Bay 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. Erik Neander, the Rays top-ranking baseball official currently in his 19th year of service to the Rays, will continue in his role as President of Baseball Operations.
With the executive positions filled, questions about the team’s future regarding a stadium and plans to stay competitive after consecutive losing seasons are at the forefront.
“Arguably, our two biggest ticket items are in front of us,” said president of baseball operations Erik Neander during Tampa Bay’s end-of-season press conference on Tuesday. “There is a forever home that’s not here that needs to be figured out, and there is a championship to be won.”
“From a baseball standpoint, that’s my and the baseball operations department’s greatest priority. Stu, in his own words, said he [Zalupski] was the right person to take this franchise — him and his partners — Stu himself has said that Patrick Zalupski, Ken Babby and Bill Cosgrove are the right ownership group to take it from here and elevate it another step. And accomplish those big-ticket items that I just referenced.”
While Neander was not willing to speak for the new ownership, he did emphasize that the goal moving forward is to produce competitive teams after the Rays finished 77-85.
“It was a disappointing year. Don’t much care for having the end-of-season press conferences in September,” Neander said. “That’s the wrong month; it's not why we do it. Our expectations are higher.”
“In terms of looking ahead, we’re going to stay at this. We’re going to try to continue to go into as many years as possible having competitive clubs that, if things break right, gives us the chance to elevate it.”