TAMPA BAY — News emerged Wednesday afternoon that the Tampa Bay Rays are in discussions to be sold for $1.7 billion to an ownership group based in Jacksonville, Florida, led by Patrick Zalupski.

Zalupski is the founder, chairman, and CEO of Dream Finders Homes, a Florida-based homebuilder (Forbes.com). With a reported net worth of $1.4 billion, Zalupski has signed a letter of intent to purchase the Rays.

The sale of the Tampa Bay Rays is not final yet, but is expected to be final as soon as September 2025. Zalupski and his team intend to purchase the Rays from Stu Sternberg for $1.7B.

The Rays and current owner Stu Sternberg have been the subject of increasing speculation in recent months, especially after plans for a new stadium collapsed. Since Hurricane Ian struck last November, the team has been playing home games at George M. Steinbrenner Field.

Zalupski intends to keep the Rays in the Tampa area, sources told The Athletic on Monday.

More information to come.

(Top Image Credit: Jacksonville Daily Record)