Rays reportedly in talks to sell team to Florida home developer in deal valued at $1.7 billion

The Tampa Bay Rays are reportedly in “advanced talks” to sell the team to a group led by Florida home developer Patrick Zalupski, according to Sportico.

The team is reportedly valued at roughly $1.7 billion in the deal, per Sportico. Zalupski has reportedly signed a letter of intent to purchase the franchise. That does not guarantee the sale will happen, however, according to Sportico.

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In March, a report emerged suggesting Rays owner Stu Sternberg was being pressured by the league and some of its owners to sell the franchise. Sternberg, who originally purchased the team for $200 million in 2004, has been seeking a new stadium for the Rays for over a decade. While it appeared the team had finally reached an agreement to build a new stadium in St. Petersburg, Florida, the Rays backed out of that deal in March.

Zalupski is the CEO of Dream Finders Homes, a company that builds and designs homes. His net worth is valued at $1.4 billion, per Forbes.

In March, Forbes valued the Rays at $1.2 billion in the website’s annual “Most Valuable Teams” rankings. That figure ranked the Rays 29th out of 30 MLB teams, with the Miami Marlins sitting in the final spot on that list.