.jpg)
4 hours ago
1
Article content
ST. PETERSBURG, Fla. (AP) — The Tampa Bay Rays say they are in “exclusive discussions” with a Florida investment group for a potential sale of the team.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The Rays are valued at $1.25 billion, according to Forbes magazine. Stuart Sternberg bought the Major League Baseball club for $200 million in 2004.
Article content
Article content
“The Tampa Bay Rays announced that the team has recently commenced exclusive discussions with a group led by Patrick Zalupski, Bill Cosgrove, Ken Babby and prominent Tampa Bay investors concerning a possible sale of the team,” the club said Wednesday while declining further comment.
Article content
Article content
The potential sale comes at a precarious time for the Rays and their home ballpark. They are playing this season at the spring training home of the New York Yankees in Tampa after the roof of Tropicana Field in St. Petersburg was heavily damaged during Hurricane Milton last October.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Before the hurricane, the Rays and the city had agreed on a plan for a $1.3 billion stadium development project next to Tropicana Field. In March, Sternberg said the club was withdrawing from that agreement.
Article content
St. Petersburg is spending about $55 million to repair Tropicana Field with a plan for the Rays to return there in 2026. The city and the club have a three-year agreement to play there. Beyond that, the club’s future in the Tampa Bay area is uncertain.
Article content
When the Rays withdrew from the project, the city noted that it was possible the club would have new owners.
Article content
“If in the coming months a new owner, who demonstrates a commitment to honoring their agreements and our community priorities emerges, we will consider a partnership to keep baseball in St. Pete,” Mayor Ken Welch said in March. “But we will not put our city’s progress on hold as we await a collaborative and community-focused baseball partner.”
Article content
___
Article content
AP MLB: https://apnews.com/hub/MLB
Article content
English (US)