An ownership group led by Florida-based business executive Patrick Zalupski has closed on the purchase of the Tampa Bay Rays.
The sale of the Rays to the group by former principal owner Stuart Sternberg was finalized on Sept. 30 and has been unanimously approved by Major League Baseball owners. The purchase price was not disclosed.
“It’s an incredible honor to become the stewards of the Tampa Bay Rays, a franchise with a proud history and a bright future,” said Zalupski. “We are especially privileged to have been chosen by Stu Sternberg as his successors, and we’re all energized by the responsibility to serve Rays fans everywhere and this great game.
“I want to sincerely thank Commissioner Rob Manfred and the entire Major League Baseball community for their trust and support throughout this process. We will work hard to earn the respect and confidence of our fans and new MLB partners, and we are excited about the upcoming challenge to deliver a world-class experience on and off the field.”
Zalupski is the founder and CEO of Jacksonville-based home builder, Dream Finders Homes Inc. Zalupski will be joined at the executive level of his ownership group by Bill Cosgrove, CEO of Ohio-based Union Home Mortgage, longtime title sponsor of the Union Home Mortgage Gasparilla Bowl in Tampa; and Ken Babby, founder and CEO of Fast Forward Sports Group, which owns the Jacksonville Jumbo Shrimp, the AAA-affiliate of the Miami Marlins, and the Akron RubberDucks, the AA-affiliate of the Cleveland Guardians.
Zalupski will serve as MLB Control Person and Co-Chair for the Tampa Bay Rays. Cosgrove will also serve as Co-Chair, while Babby is the Chief Executive Officer, and will oversee day-to-day business operations of the club. Erik Neander, the Rays top-ranking baseball official currently in his 19th year of service to the Rays, will continue in his role as President of Baseball Operations.
“Baseball has always been a part of my life, and now I get to join an ownership group for a team I’ve admired for years,” said Cosgrove. “It’s humbling, and I can’t wait to share this journey with the fans and the Tampa Bay community.”
“Baseball is about joy, connection, and community. I’ve seen firsthand how a ballpark can bring people together, and I’m honored to help create those moments paired with a continued culture of winning here in Tampa Bay,” said Babby. “We’re committed to delivering an exceptional fan experience while continuing the Rays tradition of excellence, and we can’t wait for Opening Day April 6 in re-opened Tropicana Field, and celebrating the community’s resiliency”
Commissioner Rob Manfred added, “Major League Baseball is pleased to welcome Patrick and his partners to the ownership ranks. Their collective experience and passion for the game will serve the Rays well as they enter this exciting new chapter.”
Zalupski and Cosgrove will establish an executive advisory board composed of select investors of the broader ownership group including Dr. Rick Workman, Doug Hertz, Will Weatherford, Robert Skinner, Dan Doyle, Jr., and Matt Silverman. Fred Ridley will also serve as an independent member of the executive advisory board.
A robust group of limited partners with deep connections to the Tampa Bay region will join the overall ownership team and be announced in the near future, further strengthening the group’s commitment to the future of the Rays.
As part of the transaction, the Tampa Bay Rowdies, a USL Championship league team, has also been acquired.
Foley & Lardner LLP represented the new ownership group with Steve Vazquez, Libby Ridley and Kevin Schulz leading the transaction. Jeff Kaplan, Steve Heiner and Mitchell Ziets at Andalusian Sports Advisors served in an advisory role for new ownership on the transaction. Jeff Bergner and Jess Williams at Deloitte and Touche LLP advised on financial accounting and tax matters for the group.
ArentFox Schiff represented the Rays, led by longtime outside counsel Richard Gale and Felicia Xu. Goldman Sachs & Co. LLC and Rockefeller Capital Management served as financial advisors for the Rays.
This is the third ownership group of the Rays since MLB awarded Tampa Bay an expansion franchise in 1995. The late Vince Naimoli was the original principal owner, and Stuart Sternberg became principal owner after the 2005 season.
Under Sternberg’s leadership, the Rays own the third-best record in baseball since 2008 and have made nine trips to the postseason, including appearances in the World Series in 2008 and 2020.
A news conference with the new ownership group to provide additional information will be held on Tuesday, October 7, at 10:30 a.m., with specific details to be announced soon.
