Tampa Bay Rays pinch hitter Christopher Morel (24) drives in a run with a sacrifice fly in the seventh inning against the Toronto Blue Jays at Tropicana Field in 2024. Jonathan Dyer-Imagn Images

Could a New Ownership Group Re-Locate Tampa Bay Rays to Jacksonville?

Originally posted on Tampa Bay Rays on SI
By Brady Farkas | Last updated Jun 18, 2025 5:06 PM ET

A group led by Florida businessman Patrick Zalupski is reportedly in 'advanced' talks to buy the Tampa Bay Rays from current owner Stu Sternberg. A letter of intent has been signed, but that's not an official purchase, so there are still steps to be taken. The price is reportedly near $1.7 billion.

The prospective ownership group has deep ties to the Jacksonville-area, but Jacksonville television personality Brent Martineau does not think that the team will move to Jacksonville, even though the Rays have been rumored to be a relocation candidate for years.

Jacksonville ownership group and moving the Rays to Jacksonville are two different things. Ownership group has Tampa investors too so my guess is Rays stay in Tampa.

Jacksonville ownership group and moving the Rays to Jacksonville are two different things. Ownership group has Tampa investors too so my guess is Rays stay in Tampa.
— Brent Martineau (@BrentASJax) June 18, 2025

The following information on Zalupski was provided by Sportico, who had the initial report of a possible sale.

Zalupski is the founder and CEO of Dream Finders Homes, which specializes in new home construction for first-time home buyers. The company has built and sold more than 38,000 homes in 10 states from its start in late 2008 in Jacksonville through the end of 2024, according to its most recent 10-K filing. The company went public in 2021 and has an enterprise value of $3.4 billion. Zalupski, whose net worth is $1.4 billion perForbes, serves on the University of Florida Board of Trustees, having been appointed in 2023 by Gov. Ron DeSantis.

SCOOP: MLB’s Rays in Advanced Talks for $1.7B Sale to Florida Home Builder ⚾https://t.co/bmLyl3Yemp via @sportico @kbadenhausen
— Scott Soshnick (@soshnick) June 18, 2025

The Rays have been on rocky footing under Sternberg for a number of years, with the issues centering on the ballpark and attendance conundrums. Sternberg has tried for years to get a new ballpark built, but it just hasn't happened yet. He also proposed a split-season idea between the St. Petersburg area and Montreal at one point. He's owned the team since 2005.

It appeared that a new ballpark was set to be built this year after receiving approval from government, but October's Hurricane Milton thwarted those plans on multiple fronts. Now, the Rays will return to Tropicana Field for the 2026 season, but it's unclear what the plan is when the lease runs out after 2028.

Commissioner Rob Manfred has wanted the Rays to stay in the Tampa/St. Petersburg area.

This article first appeared on Tampa Bay Rays on SI and was syndicated with permission.

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