The next Rays owner will join an exclusive club and it seems like the Zalupski group is a good fit.

Rays owner Stu Sternberg is part of an exclusive Major League Baseball owners’ group unofficially known as “The Club,” which is not open to everyone; they have the power to decide who is included and who is not. Consider Pittsburgh native Mark Cuban, who was denied the opportunity to buy the Pirates despite being willing to pay significantly more for the team he grew up watching. Likewise, Madison Square Garden owner and cable TV mogul Charles Dolan bid $40 million more than John Henry and Tom Werner, yet they were the ones awarded the Boston Red Sox.

Enter Trip Miller, who has never shied away from his ambition to buy the Tampa Bay Rays. The Memphis-based hedge fund manager is making a bold public play for the team, openly stating that he is willing to pay more than anyone else to acquire it and that he has a vision capable of transforming the franchise. However, it is very likely that he will not succeed in his bid for the Rays even though I am sure he is a solid businessman. Declaring publicly what he intends to do with a team he does not yet own, especially while exclusive talks are underway with another potential buyer, is not the best way to break into the “MLB Club.”

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SPORTS TALK UNITED

THE DEAL ON THE TABLE LOOKS LIKE AN MLB CRAFTED DEAL

Sternberg, the owner of the Tampa Bay Rays, has signed an exclusive letter of intent with a potential ownership group led by Patrick Zalupski, a developer based in Jacksonville. Zalupski had previously expressed interest in buying the Rays, similar to what other investors have done in the past. Along with Bill Cosgrove, Ken Babby, and several prominent investors from the Tampa Bay area, this group is currently working toward acquiring the team for approximately $1.7 billion. The composition of this group resembles a “dream team” for Major League Baseball, as they have the necessary funds, are based in Florida, and, importantly, possess extensive political connections that will be crucial for successfully securing a new stadium, likely in Tampa.

COVERING ALL THE BASES – WITH STATE AND LOCAL POLITICIANS

Many readers may remember that MLB Commissioner Rob Manfred had a meeting with Florida Governor Ron DeSantis last winter regarding the future of the Rays in the Tampa Bay area. Following this conversation with Governor DeSantis, Manfred visited the Bay Area, where he spoke either in person or over the phone with key leaders in both St. Petersburg and Tampa about MLB commitment to keep the Rays in the region.

THE GROUP AND THEIR MAKE UP

We start with Mr. Zalupski, who appears to have a positive working relationship with Florida Governor DeSantis. In early 2023, DeSantis appointed Zalupski to the University of Florida Board of Trustees. Meanwhile, Cosgrove’s company, Union Home Mortgage, has collaborated with the Tampa Sports Authority through its sponsorship of the Gasparilla Bowl, an annual game held at Raymond James Stadium since 2020.

Then there is Babby, who is well-regarded within professional baseball circles, including Major League Baseball. He owns two minor league baseball teams that have received rave reviews for their operations. The Akron RubberDucks, a Double-A affiliate of the Cleveland Guardians, were named one of the Top Ten Minor League Baseball franchises by Sports Business Journal. Meanwhile, the Jacksonville Jumbo Shrimp, the Triple-A affiliate of the Miami Marlins, has ranked among the top teams in attendance for the past four years.

POLITICS

We are aware of Zalupski’s relationship with Governor DeSantis, who wants to keep the Rays in Florida. Although the governor has stated that he will not allocate any state funds for a stadium, he has recently softened his stance on the possibility of using some funding for infrastructure.

In Tampa, while the Bay Area investors have not yet been announced, Hillsborough County commissioners and Mayor Jane Castor appear to have a good idea of who those local investors might be. Castor emphasized that the city is prepared to resume stadium negotiations and has “dusted off” Tampa’s previous bid at an Ybor City site back on the table with other sites all remain in play.

Developer Darryl Shaw and Tampa Bay Sun FC recently announced plans for a 15,000-seat women’s soccer stadium in Ybor City, the same location that was previously considered for the Rays. However, Shaw indicated that plans are not final, suggesting that the Rays deal could still be a possibility if the new ownership group is interested.

PATIENCE IS THE KEY

Purchasing a Major League Baseball team is a complex process, and numerous accountants are meticulously reviewing the financial records from both sides. The Rays are examining the financial details of the Zalupski group, while the Zalupski accountants are scrutinizing every contract the Rays have signed, from player agreements to maintenance staff contracts.

It’s a gradual process, and while we aren’t exactly sure when it started, it’s highly likely that it will conclude with the Rays having a new ownership group and a fresh opportunity to negotiate a stadium deal. In the meantime, the team continues to perform well, competing fiercely in the AL East. Playing outdoors at Steinbrenner Field in Tampa has been hard on the fans, but even more difficult on the visiting team where the heat has played to the Rays advantage.