Patrick Zalupski, the new lead owner of the Tampa Bay Rays, issued a letter to the Shareholders of Dream Finders Homes, Inc. (DFH), the company for which he is both Chairman and CEO, on December 29th, and included some commentary on his recent purchase of the team.
Tampa – Home of the Tampa Bay Rays
We believe Tampa is going to be a great DFH market. We organically started this division in 2023 and are very excited about its prospects, particularly given our newest local sponsorship relationship. Most of you are aware that your CEO led an investor group in acquiring the Tampa Bay Rays MLB franchise, which closed in October of 2025.
While this will add to my workload, it does not deter in any way from my focus or commitment to DFH. At a high level, my Dream Finders position will remain my largest equity holding by multiples of my other investments, it is not the primary collateral in my Rays borrowing, and I do not expect to have meaningful stock sales for this investment.
The Rays have hired a great CEO, Ken Babby, who is running the team’s business operations, while our already world class baseball operations will stay in place.
The goal is for this to be a long-term appreciating asset that will hopefully require limited amounts of my time and resources once we have the new ballpark and development determined. I believe this is a unique opportunity to own a world class asset that will elevate DFH’s profile in the state of Florida and across the country.
If I did not genuinely believe this purchase would contribute meaningfully to DFH’s long term success I would not have gone through with the acquisition. I hope to see you all at a game in Tampa Bay soon!
Patrick Zalupski’s letter offers Rays fans a fairly clear window into how this ownership group views the franchise and where it is headed. There is a lot to unpack here, so let’s break it down.
1. Stability over disruption
My first impression from reading the letter was that Rays fans should not expect any major changes on the field.
By explicitly stating that the Rays’ “world class baseball operations will stay in place,” and by installing Ken Babby to run the distinctly business side of the organization on his behalf, Zalupski is signaling that the club’s envied, analytically driven baseball philosophy is not up for reinvention. Overall, this suggests continuity in how the team is built and operated on the field, with ownership focused on enabling the front office rather than overriding it.
What this does not promise is an influx of cash into the roster, so we can expect the Rays’ efficiency-driven baseball identity to continue rather than experience a dramatic philosophical overhaul.
Zalupski frames the Rays as a long-term appreciating asset, which inherently includes emphasis on patience and sustainability. This is not too surprising. Few would purchase a nearly homeless baseball team thinking it will profit short-term profits. It also signals that Zalupski clearly intends to dedicate himself to this first six months of ownership, while anticipating more limited future demands on his time and resources.
No doubt there are plenty in baseball and even in the region who hoped for the new owner to take on flashy, impulsive spending, but this letter should temper expectations. In many ways, the tone of the letter also reinforces the idea that the Rays will continue to prioritize efficiency and competitive balance. In that sense, the new ownership mindset closely mirrors the identity the franchise has developed over the past two decades.
3. Ballpark resolution is the inflection point
The repeated references to a new ballpark and surrounding development are perhaps the most telling element of the letter. Once that uncertainty is resolved, it’s reasonable to infer here that the Rays’ revenue potential and strategic flexibility will increase significantly. Until then, based on the tone, the expectation should be steady stewardship rather than dramatic change.
In effect, the stadium is framed as the key that unlocks the next phase of the franchise, not just a return to what was there before.
4. No financial stress signals
One of the main goals of this letter is to reassure Zapulski’s investors about his commitment to Dream Finders Homes. He goes out of his way to stress that Dream Finders Homes remains his largest equity holding, that DFH stock is not the primary collateral for the Rays purchase, and that he does not anticipate meaningful stock sales tied to the acquisition.
For Rays fans, this reduces the risk of ownership instability or cost-cutting driven by external financial pressure. It suggests the team is not being used as a leveraged bet for plays in other markets, but as a strategic, complementary investment.
5. Florida-first strategic vision
Finally, the way Zalupski links the Rays to DFH’s broader Florida strategy offers insight into geographic commitment. By positioning the team as an asset that elevates DFH’s profile in Tampa and across the state, he implicitly underscores the importance of keeping the franchise rooted locally, and thriving enough to have regional influence.
Combined with his stated preference for delegating day-to-day operations to strong executives, the overall picture is of a hands-off, long-horizon owner who values competent management and regional relevance.
The letter points to a future defined by continuity, patience, and long-term planning rather than radical change. Buying a baseball team is framed as part of the organization’s growing success and widening geographic influence.
For Rays fans, this likely means more of what they already know in the short-term: a smart, competitive organization operating within its means, with the true catalyst for growth expected to arrive not through sudden spending, but through the resolution of the ballpark and development question.
This resembles the best-case scenario for modern MLB ownership: capital + patience + delegation. It also suggests a sort of old-school local pride perspective that perhaps we missed with out of town owners.
So, no. The Rays have not entered an immediate “big spender” era. But if you value the Rays for being smart, competitive, and sustainable — this ownership profile strongly aligns with that identity, with the stadium deal as the true catalyst for future growth.
