SARASOTA, Fla. (WWSB) – The sale of the Tampa Bay Rays to a group of Jacksonville investors is not only proceeding, but is expected to be completed by September, The Athletic is reporting.
The deal would be worth about $1.7 billion and could be a done deal by fall, “a person briefed on the process who was not authorized to speak publicly,” The Athletic reported Monday.
It also said the new owners are expected to keep the team in the Tampa Bay area.
Last month, the Rays said the team is discussing a possible sale with Patrick Zalupski, Bill Cosgrove, Ken Babby “and prominent Tampa Bay investors.”
“Neither the Rays nor the group will have further comment during the discussions,” the statement concluded.
Zalupski, 44, is the founder, president and CEO of Dream Finders Homes in Jacksonville. He is also a member of the Board of Trustees of the University of Florida.
Cosgrove is chairman of the Mortgage Bankers Association, and the owner and CEO of Union Home Mortgage Corp. in Strongsville, Ohio.
Ken Babby is the founder and CEO of Fast Forward Sports Group. He also owns two minor-league teams, the Jacksonville Jumbo Shrimp, the AAA Affiliate of the Miami Marlins, and the Akron RubberDucks, the AA affiliate of the Cleveland Guardians.
Previously, Babby served as Chief Revenue Officer/ Vice President and General Manager, Digital for The Washington Post.
The news comes at a critical time for the Rays. The team was forced to play home games this season at the New York Yankees spring training stadium in Tampa after the roof of Tropicana Field in St. Petersburg was destroyed by Hurricane Milton last year.
The team had been trying to find a deal for a new stadium, either in St. Petersburg or in Tampa. But in March, the team officially pulled out of a deal to move forward with a deal to build a $1.3 billion stadium and develop the land around it into the Historic Gas Plant District.
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