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After years of uncertainty around stadiums, attendance, and the long-term future, the Tampa Bay Rays officially have new owners — and they are laying out an ambitious vision. The transition from Stu Sternberg to a group led by Patrick Zalupski marks an inflection point for a franchise long defined by innovation — now with the chance to reset and refocus.
Here’s a look at what they’ve promised, what it means, and what challenges lie ahead.
Who’s at the Helm
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Patrick Zalupski will serve as the MLB control person and co-chair. He is the founder, president, and CEO of Dream Finders Homes (Jacksonville-based), a successful homebuilding company.
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Bill Cosgrove, CEO of Union Home Mortgage, joins as co-chair, bringing business acumen and some sponsorship/financial experience.
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Ken Babby is the new CEO tasked with day-to-day operations. He owns the Fast Forward Sports Group (which includes minor league teams like the Jacksonville Jumbo Shrimp and Akron RubberDucks). Babby already has a reputation for focusing on fan experience, branding, and turning around smaller markets.
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The group also includes a roster of minority investors and local figures (Dan Doyle Jr., Robert Skinner, Will Weatherford, Rick Workman, Fred Ridley, etc.), many with ties to the Tampa Bay region. An executive advisory board has been set up.
What They’ve Promised
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Stadium Plans & Long-Term Home
One of their priorities: finding a permanent, modern ballpark. The group wants a domed stadium with a fixed roof, ideally by Opening Day 2029.
They’re looking for a site with about 100 acres to accommodate not just the ballpark but mixed-use development — restaurants, retail, amenities, infrastructure.
Possible locations being considered include Hillsborough Community College’s North Dale Mabry campus, Ybor Harbor, the Florida State Fairgrounds, and WestShore Plaza.
Meanwhile, Tropicana Field will be repaired (significant damage from Hurricane Milton) so the Rays can return there for the near term; their lease in St. Petersburg runs through 2028.
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Commitment to Staying in the Region
The new owners emphasized publicly that the Rays will remain in the greater Tampa Bay area. There’s no talk of moving the franchise out of the region.
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Tropicana Field Repairs
Because the current home, Tropicana Field, was badly damaged during Hurricane Milton, this offseason will include major repair work — especially to the roof (many roof panels lost) and internal damage. The repairs are aimed at making it usable again for the next season.
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Maintaining Baseball Operations Continuity
Importantly for fans who worry about wholesale changes, Erik Neander will remain president of baseball operations. That suggests continuity in how the team is built, scouting, player development, etc. The ownership group has said it intends to support a winning culture, both on and off the field.
What This Could Mean for the Rays’ Future
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Modern Fan Experience & Mixed-Use Stadium Concept. The scale of development around the stadium could transform the Rays from a somewhat itinerant team (in terms of stadium issues) into a franchise with a real year-round hub for fans and community.
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Improved Stability. Having a stable lease through 2028 at the Trop and a committed ownership group removes much of the uncertainty that’s plagued the team. That could help in long-range planning, attracting sponsorships, and investment.
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Potential Financial Upside. A new stadium with commercial real estate attached tends to unlock new revenue streams (naming rights, retail, events, concerts) — money that could be reinvested in the roster, in the fan experience, and in community engagement.
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Challenges in Execution. But none of this is simple. Buying land, securing permits, building a domed ballpark, and developing surrounding infrastructure — all take time, political will, public/private partnership, and capital. Given how prior stadium plans stalled (including one in St. Petersburg that was pulled off by delays and cost increases), expectations will need to be managed.
Hurdles & What Remains Unclear
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Exact Location Unknown. Although several sites are being considered, nothing has been finalized. Choosing the right county, securing land, negotiating with local governments for infrastructure, and possible funding will be complicated.
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Financing the New Stadium & Development. New ownership is calling this a public-private undertaking, but which portions will be publicly funded, how much support there will be from city/county/state, and what the ownership group will absorb remain to be seen.
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Repair vs. Replacement Timing. The timeline is ambitious — opening the new stadium by 2029 — so balancing repairs to Trop that keep the team functional now with planning/design/construction of a brand-new facility will require tight project management. Any delays could impact attendance, fan experience, and financial results in the interim.
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Roster Investment. While operations leadership is staying, fans will be watching to see if the new ownership changes the budget philosophy. The Rays have often been known for doing more with less; a new ownership could decide to shift toward more aggressive spending. Whether they will is still an open question. So far, no public announcement suggests a massive change in payroll.
Bottom Line
The Rays’ new owners have laid out a high-stakes vision: save the current home in the short term, build a new world-class venue by 2029, all while keeping the team rooted in the Tampa Bay region. For Rays fans, this marks the most hopeful moment in years when talking about infrastructure, long-term stability, and delivering a renewed fan experience.
If the ownership can deliver on these promises — especially around stadium site, financing, and execution — the Rays may well be on the cusp of entering a new golden era. But there are many moving pieces, and the next few years will be a test of planning, partnership, and will.
Author Profile
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Director of Operations for NGSC Sports
Covers USF Athletics in Football, Baseball, Lacrosse, and Softball.
Also covered both major and minor league baseball in the Tampa Bay Rays and Clearwater Threshers.
He also covers college football bowl and conference championship games.
It might seem like just covers team sports he also covers both the PGA & LIV Tours and writes and announces for the Pinellas Park High School Patriots in football and basketball.
He also has two sports podcasts in the P&W Sports Report and The Walker Report.
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About the Author
