End of an era: Rays officially have new owners

The dawn of a new era has arrived for the Tampa Bay Rays as a group led by Jacksonville-based developer Patrick Zalupski officially assumed control of the team Tuesday afternoon.

Zalupski and his partners now own a franchise in flux. The Rays are coming off a second consecutive losing season, a storm-damaged Tropicana Field still requires extensive repairs and there is no plan for a new stadium – previously considered a prerequisite to keep the team in Tampa Bay.

Major League Baseball owners unanimously approved the sale last week, and former owner Stuart Sternberg thanked fans for their support Sunday. Zalupski, in his first public comments since negotiations began in June, thanked Commissioner Rob Manfred and the entire MLB community for their “trust and support throughout this process.”

“It’s an incredible honor to become the stewards of the Tampa Bay Rays, a franchise with a proud history and a bright future,” Zalupski said in a prepared statement. “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.

“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.”

Patrick Zalupski, founder and CEO of Jacksonville-based Dream Finders Inc. Photo: University of Florida.

Erik Neander, who has been with the team for 19 years, will continue in his role as president of baseball operations. He briefly addressed the sale and some looming questions at an end-of-season media event just before the announcement, despite his reluctance to sound like “the spokesperson for the new ownership group.”

“We’ve legitimized this franchise,” Neander said. “We put it in a place where the expectations are high, where there’s disappointment when you have a year like this or last year. That says a lot about where we stand today.”

He said the team’s two primary goals, a “forever home” and a World Series championship, remain “in front of us.” Neander noted that Sternberg believes Zalupski and his group are the right people to “take it from here” and accomplish those “big ticket items.”

The Rays, under Sternberg’s leadership, have the third-best record in baseball since 2008. They have also made nine trips to the postseason, including World Series appearances in 2008 and 2020.

However, many fans have bemoaned a lack of splashy free agent signings and a payroll that perennially ranks among the lowest in baseball. When asked if he thought the new owners would invest more in their players, Neander said he is “here because I believe we can win here, and we have enough to win here.”

“I think it’s appropriate for them to have their time to explain themselves,” he added. “I don’t want to be the one presenting their vision.”

Zalupski, founder and CEO of Dream Home Finders Inc., and his group will present that vision Oct. 7 at 10:30 a.m. The Rays have yet to announce specific details.

Bill Cosgrove, CEO of Ohio-based Union Home Mortgage, will join Zalupski as the team’s co-chairperson. He said 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.”

“It’s truly humbling, and I can’t wait to share this journey with the fans and the Tampa Bay community,” Cosgrove continued.

Ken Babby, founder of Fast Forward Sports Group, will oversee business operations as the team’s CEO. His company owns the Jacksonville Jumbo Shrimp, a Miami Marlins minor league affiliate, and the Akron RubberDucks, a minor league affiliate of the Cleveland Guardians.

Babby believes baseball is “about joy, connection and community,” and eagerly anticipates the team’s return to St. Petersburg. “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,” he said.

“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 a re-opened Tropicana Field, and celebrating the community’s resiliency.”

An executive advisory board includes three previously unannounced members of the ownership group: former House Speaker Will Weatherford, who currently chairs USF’s Board of Trustees; Doug Hertz, CEO of alcoholic beverage wholesaler United Distributors; and Robert Skinner, founder of investment firm IEQ Capital.

They will join known investors Dan Doyle Jr., CEO of Tampa-based DEX Imaging; Dr. Rick Workman, founder of Heartland Dental Services; and former Rays president Matt Silverman, who will represent Sternberg and his group, which retains a 10% ownership stake. Tampa lawyer Fred Ridley, who chairs the Augusta National Golf Club and the Masters Tournament, will serve as an independent member of the team’s executive board.

The announcement states that 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.” The deal includes the Tampa Bay Rowdies, and former Rays president Brian Auld will continue serving as the soccer team’s vice chairman.

The Rays did not disclose the financial terms of the sale. Forbes valued the Rays, which sold for roughly $200 million in 2008, at $1.25 billion earlier this year.