(Editor’s note: Story headline updated to correct spelling of Patrick Zalupski’s name.)
A Jacksonville group led by billionaire Patrick Zalupski is in advanced talks to buy the Tampa Bay Rays, as reported first by Sportico. The deal reportedly values the team at roughly $1.7 billion.
“The Tampa Bay Rays announced that the team has recently commenced exclusive discussions with a group led by Patrick Zalupski, Bill Cosgrove, Ken Babby and prominent Tampa Bay investors concerning a possible sale of the team.,” the Rays said in a statement. “Neither the Rays nor the group will have further comment during the discussions.”
Zalupski has signed a letter of intent (LOI) to buy the team, according to the report. The LOI does not guarantee that the sale will go through.
Rays principal owner, Stu Sternberg, bought the franchise in 2004 for $200 million. In recent years, buyers have contacted Sternberg interested in buying the team.
Babby is the owner of the Jacksonville Jumbo Shrimp, the Triple-A affiliate of the Miami Marlins, and the Akron RubberDucks, the Cleveland Guardians’ Double-A team.
Who is Patrick Zalupski?
Zalupski, 44, is the founder, chairman and CEO of Dream Finders Homes. a Florida-based homebuilder. Based in Jacksonville, Dream Finders Homes is one of the nation’s fastest growing homebuilding companies after beginning in 2008.
According to DFH, they have closed deals on over 31,100 homes since their inception and have built homes in eight states, primarily in the Southeast.
DFH became a publicly traded company in January 2021 via an IPO and grew Zalupski’s wealth to becoming a billionaire. His net worth stands at $1.4 billion. He currently stands as the richest man who resides in the Jacksonville area.
Prior to DFH, Zalupski was a financial auditor for FedEx’s internal audit department in Memphis, Tennessee. He also worked in the real estate sales and construction industry as managing partner of Bay Street Condominiums, LLC, from 2006 to 2008. He is also a University of Florida Board of Trustee member.
According to Forbes, Zalupski, who lives in Jacksonville, has a net worth is $1.4 billion.
Tampa Bay Rays stadium history leads to likely sale
The Tampa Bay Rays are the youngest MLB franchise, starting in 1998 with the Arizona Diamondbacks. They were originally known as the Devil Rays before rebranding to the Tampa Bay Rays in 2008.
The Rays were due to build a new stadium in St. Petersburg before their current official home, Tropicana Field, was badly damaged by Hurricane Milton. This season, the Rays’ home stadium is the New York Yankees’ spring training home, George M. Steinbrenner Field.
Although the Rays were in talks with the city of St. Petersburg to have a new stadium built, the deal looks dead as the required financials were not given to the city in time to continue the redevelopment plan.
After backing out of the stadium deal, MLB commissioner Rob Manfred and other owners pressured Sternberg to sell the team, according to The Athletic.
Recent MLB teams to relocate
The Rays are not due to move out of Tampa if Zalupski purchases the team, but they would be the second in over 20 years to do so.
The Athletics have moved out of Oakland after last season and are currently playing in Sutter Health Park in Sacramento, California. The A’s will play in Sacramento for 2025-2027 seasons before moving to Las Vegas by the start of the 2028 season.
The Washington Nationals were once the Montreal Expos up until 2004. The Expos were established in 1969 and the first MLB to be located outside the USA.
When deciding on a new ballpark, the Expos decided a move was in play and they headed down to Washington, where they changed their name to the Nationals.
This article originally appeared on Florida Times-Union: Who is Patrick Zalupski? Jacksonville home builder may be next Tampa Bay Rays owner
Reporting by Niles Garrison, Jacksonville Florida Times-Union / Florida Times-Union
USA TODAY Network via Reuters Connect
