We have a reboot on a new Tampa Bay Rays ballpark, as the impending sale of the team from Stu Sternberg to Jacksonville investors gives stadium advocates across the region a chance to land the team.
It was announced last week that Sternberg had entered exclusive negotiations with a Jacksonville investment group led by Patrick Zalupski on a sale pricing the Rays at $1.7 billion, with a letter of intent signed. That seems to be a pretty reasonable valuation: the Chicago White Sox were valued at a higher price of $2 billion in the recent sale of a minority stake to Justin Ishbia, while we continue hearing about a valuation of $1.5 billion for the Minnesota Twins in the most recent sales talks. The Rays are a portable asset, tied to Tampa Bay only by the remaining three years on the Tropicana Field lease while also possessing an attractive TV contract; the Twins are tied to Target Field and possess a TV contract managed by MLB.
The announcement gave Tampa and St. Petersburg politicos the opportunity to revive new Tampa Bay Rays ballpark plans, though what’s being discussed sounds strongly like failed prior plans In Tampa, Mayor Jane Castor says the city will revive a plan for a new Ybor City ballpark, though the site may not be available after a new soccer stadium for the site was unveiled:
“I think it’s a very positive step,” Castor said on Wednesday. “MLB has said that they want to ensure that the Rays stay in Tampa. My understanding is that individuals that are purchasing the team, that is their intent — to keep them in the Tampa Bay area as well.”…
“We had proposed a bid for the Rays to be in Tampa,” Castor said. “That bid is dusted off and we’ve sharpened our pencils. We’re going to do everything that we can to keep them in Tampa Bay — and preferably in the city of Tampa.”
The Rays are on the market because of the collapse of an ambitious redevelopment of St. Pete’s historic Gas Plant District site centered on a new ballpark just east of Tropicana Field, and St. Petersburg Mayor Ken Welch would like to see that development revived along with a new ballpark:
Across the bay, St. Petersburg Mayor Ken Welch also welcomed the news of potential new ownership. In a statement, he emphasized that any future deal must fulfill longstanding promises tied to the redevelopment of the historic Gas Plant District — where the Tropicana Field site is located.
“We’re excited about the possibility of new ownership and discussions on the Rays’ future in St. Pete and Tampa Bay for the long term,” Welch said. “Our highest priority is the fulfillment of the economic promises made to the historic Gas Plant District community and the future benefits that the site’s redevelopment will bring to our entire city.”
Indeed, there’s a strong sense of déjà vu in these early new Tampa Bay Rays ballpark discussions: the same plans and the same players emerge. Tampa vs. St. Petersburg doesn’t involve those two municipalities; Hillsborough County and Pinellas County will inevitably become involved, and don’t be surprised if there’s some level of state participation as well.
Zalupski is CEO of Jacksonville’s Dream Finders Homes; while he’s a billionaire, he’s not necessarily baseball wealthy, with a net worth of $1.4 billion that’s closer to John Sherman and Ken Kendrick than Jim Pohlad or Jerry Reinsdorf. That’s why the financial wherewithal of his additional investors, especially with the hundreds of millions needed to invest in a new ballpark, will matter. Members of his investment group include Ken Babby, owner of the Jacksonville Jumbo Shrimp (Triple-A; International League) and the Akron Rubber Ducks (Double-A; Eastern League), as well as Tampa-area investors. With the Jacksonville ties, the natural speculation is that the city may be a line for a future Rays move.
But it’s hard to see a situation where MLB abandons Tampa Bay as a market; it’s a large TV market (ranked as high as #11 nationally) and a top-20 market in total population. (On the other hand, we’ve written about Orlando as a substitute for Tampa; Orlando is the #15 national TV market and the largest U.S. market not to host MLB baseball.) Jacksonville, despite hosting NFL football, is a much smaller media market. Indeed, if one owned a portable asset like the Rays, Jacksonville wouldn’t be very high on a list of potential news homes; Nashville would top the list.
Should the Zalupski bid fail, there are other suitors in line to buy the team, including Memphis hedge fund manager Trip Miller and the Orlando Dreamers investment group. The Dreamers aren’t shy about wanting to move the Rays to a new Orlando ballpark, and acquiring the Rays may be the only clear path to Orlando acquiring an MLB team: It’s hard to see a situation where MLB would allow teams in both Orlando and Tampa Bay, given the market and media overlaps.
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