$1.7 Billion Deal: Tampa Bay Rays Reportedly Sold in Another Major MLB Franchise Shift

By the Cosmos Franchise Sales Team | July 24, 2025

Major League Baseball appears set for another ownership shakeup, with reports indicating that Tampa Bay Rays owner Stu Sternberg has agreed in principle to sell the team for $1.7 billion. The deal, first reported by The Athletic, would transfer control of the franchise to a group led by Jacksonville-based developer Patrick Zalupski, marking one of the largest franchise sales in MLB history.

Sternberg, who purchased the Rays in 2004 for $200 million, would exit with a reported 8.5x return over 21 years — further cementing the long-term investment appeal of professional sports franchises.

New Owner, Same Market — For Now

According to reports, the new ownership group intends to keep the franchise in the region, though with a clear preference for relocating to Tampa rather than remaining in St. Petersburg. The move comes after a series of setbacks, including the cancellation of a new stadium project in the Historic Gas Plant District and damage to Tropicana Field caused by Hurricane Milton.

The Rays are currently playing at George M. Steinbrenner Field — normally the spring training home of the Yankees and the Single-A Tampa Tarpons — while longer-term stadium plans remain uncertain.

In addition to Zalupski, the reported ownership group includes Bill Cosgrove, CEO of Union Home Mortgage, and Ken Babby, who owns two MiLB teams: the Akron RubberDucks and the Jacksonville Jumbo Shrimp

The Bigger Picture: Franchise Values Keep Rising

The Rays’ reported $1.7 billion price tag follows a broader trend across professional sports. In the last 12 months alone:

The Baltimore Orioles were sold for $1.725 billion
The Minnesota Timberwolves completed a $1.5 billion ownership transfer
The Los Angeles Lakers were reportedly sold for a record $10 billion

For many investors, sports franchises remain one of the most attractive long-term assets available — even when annual profits are modest or uncertain. The limited supply of teams, combined with media rights growth, real estate potential, and global brand exposure, continues to drive demand.

Opportunity Beyond the Majors

While MLB and other major leagues generate the headlines, investment interest is also rising in minor league and regional franchises. Buyers seeking ownership opportunities are increasingly looking to junior hockey, baseball, lacrosse, and emerging leagues, where acquisition costs are lower, and community impact is high.

Exploring Franchise Ownership?
At Cosmos Sports & Entertainment, we help buyers, sellers, and investors navigate the franchise acquisition process across North America. Whether you’re interested in a local sports team or a long-term growth opportunity, we can help guide the way. Contact us to learn more.