TAMPA, Fla. — A Florida-based ownership group headed by business executive Patrick Zalupski has officially taken control of the Tampa Bay Rays, marking a significant shift for the franchise.
RELATED: MLB owners approve Patrick Zalupski’s group to purchase the Rays
The sale from former principal owner Stuart Sternberg was finalized on Tuesday and unanimously approved by Major League Baseball owners. The purchase price was not made public.
“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. 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.”
Zalupski, founder and CEO of Jacksonville-based Dream Finders Homes Inc., leads a roster of high-profile partners, including Bill Cosgrove, CEO of Ohio-based Union Home Mortgage, and Ken Babby, founder and CEO of Fast Forward Sports Group. Babby will serve as the Rays’ Chief Executive Officer, overseeing day-to-day operations, while Zalupski and Cosgrove will share the role of Co-Chair. Zalupski will also serve as the team’s designated MLB Control Person.
Erik Neander, the Rays’ President of Baseball Operations and a 19-year veteran of the organization, will remain in his current role.
“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,” said Cosgrove. “It’s humbling, and I can’t wait to share this journey with the fans and the Tampa Bay community.”
"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,” said Babby. “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."
The ownership deal also includes the acquisition of the Tampa Bay Rowdies, a USL Championship soccer team.
Foley & Lardner LLP represented the new group, while Andalusian Sports Advisors, Deloitte and Touche LLP, and other advisors provided transactional support. The Rays were represented by ArentFox Schiff, with Goldman Sachs & Co. LLC and Rockefeller Capital Management as financial advisors.
This is the third ownership group in the Rays' history, since MLB awarded Tampa Bay its expansion franchise in 1995.
A news conference with the new owners is scheduled for Oct. 7 at 10:30 a.m.
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