Latest news with #teamSale
Yahoo
23-06-2025
- Business
- Yahoo
Rays begin ‘exclusive discussions' to possibly sell team to group led by Florida developer
TAMPA, Fla. (WFLA) — The Tampa Bay Rays are reportedly in the process of finding a new buyer for the team. A report by Sportico cited multiple unnamed sources that the Rays were negotiating a deal to sell the team to a group led by home developer and UF Board of Trustees member, Patrick Zalupski of Ponte Vedra Beach. Advertisement In a statement to WFLA News Channel 8, the Rays confirmed the negotiations. 'The Tampa Bay Rays announced that the team has recently commenced exclusive discussions with a group led by Patrick Zalupski, Bill Cosgrove, Ken Babby and prominent Tampa Bay investors concerning a possible sale of the team. Neither the Rays nor the group will have further comment during the discussions.' Video above: What's next for St. Pete after Rays pull stadium deal? This came after the Rays' deal to build a new stadium at Tropicana Field and help redevelop the Gas Plant District fell through due to the damage caused by Hurricane Milton. During the hurricane, the current stadium's roof was torn by high-speed winds that left devastation on the Rays' home base. Advertisement As a result, the Rays moved to Steinbrenner Field in Tampa to play during the 2025 season. According to St. Petersburg and county spokespeople, the Rays did not speak to them about the sale. 'It definitely appears that if the sale goes through that the Rays will be in Tampa Bay for the long term,' said Pinellas County Commissioner Chris Latvala. 'Today is definitely a good day for Rays fans.' Latvala admits to being critical of the current Rays ownership because of how Latvala said they conducted themselves after the hurricane and who they blamed and what they were trying to get after the hurricane. He says it's all in the past now. Advertisement 'But I think also there should be credit to Mr. Sternberg for, you know, if he goes through with the sale, and selling the team to folks that will keep it in Tampa Bay,' Latvala said. Fans at Steinbrenner Field Wednesday said they don't want to see the team leave the area. 'The best move is to build a new stadium in Tampa where we feel like people will come,' said Dori Simpson, a Rays fan. Latvala said he would be open to revising a stadium deal with new owners. 'I think it's really up to the new owners where they want the stadium,' Latvala said. 'From what I've heard, it's probably on the Tampa side. I don't want to speak for them.' Advertisement He said he would ask whoever became the new owners to care about the Tampa Bay community. This is a developing story. Stay up to date on the latest from News Channel 8 on-air and on the go with the free WFLA News Channel 8 mobile app. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. For the latest news, weather, sports, and streaming video, head to WFLA.
Yahoo
21-06-2025
- Business
- Yahoo
Draymond Green Issues Warning About Lakers After $10 Billion Sale
Draymond Green Issues Warning About Lakers After $10 Billion Sale originally appeared on Athlon Sports. Los Angeles Lakers owner Jeanie Buss and her family agreed on Wednesday to sell the historic NBA franchise to Mark Walter, owner of the Los Angeles Dodgers and CEO of TWG Global. Advertisement Even though Walter has been a stakeholder in the Lakers since 2021, he will now own the majority stake while Buss will continue to act as the team's governor. The landmark sale will cost $10 billion, making it the most expensive team sale in sports history. The new ownership can also help the organization spend more money on its team more frequently, which differs from the Buss family's style of management because they relied on the income they made from the Lakers. Furthermore, this issue halted much of the team's development as they had to be cautious with their spending, which makes the deal even more beneficial for the Lakers and a warning sign in the eyes of some players, including Golden State Warriors forward Draymond Green. 'Oh man, that makes the Lakers dangerous,' Green said during a recent episode of 'The Draymond Green Show with Baron Davis." 'The only thing stopping the Lakers by NBA ownership standards is Jeanie Buss and the Buss family [being] one of the least wealthy families as far as money goes.' Golden State Warriors head coach Steve Kerr and forward Draymond Green (23).Sergio Estrada-Imagn Images Green noted that the Lakers were able to bring in a fair amount of income during the COVID-19 pandemic era between 2020-21 because of their lucrative regional television deal with Spectrum SportsNet, now worth $3 billion. Advertisement 'They got so much money from their regional television deal,' Green added. 'That puts them in a position to profit when no one was in the stands, but the Lakers did in large part due to their regional TV deal. 'So now we have an owner with deep pockets, who's going to say, well, I don't need all that money and take it and put it into the team. Let's do whatever we want with this roster, and get that guy and this guy.' Green concluded his speech by claiming that Walter's wealth, combined with the Lakers' legacy as a historic franchise, will be 'dangerous' for years to come. Related: Draymond Green Disagrees With Steve Kerr's Bold Statement on Warriors Player This story was originally reported by Athlon Sports on Jun 21, 2025, where it first appeared.
New York Times
20-06-2025
- Business
- New York Times
Buyers eye Tampa Bay Rays as hedge fund founder Trip Miller says he also made recent offer
While the Tampa Bay Rays announced this week that they are in 'exclusive discussions' about a potential sale of the team with a group led by Jacksonville-based real estate developer Patrick Zalupski, another possible contender has emerged to attempt a purchase of the club. Memphis hedge fund founder Trip Miller has formed a group that made an all-cash offer to current Rays owner Stu Sternberg last week, he told The Athletic, noting the group's willingness to up their offer if needed. He did not say what amount his group bid, and said he could not reveal who was in his group, citing an NDA. Advertisement 'We made an offer last week,' Miller said. 'We have had contact with the club over the past month, specifically about our offer. If there is an exclusivity period that expires soon, and I don't know when it expires, we would welcome the opportunity to have a deeper discussion with the Rays about our offer.' The Rays declined to discuss Miller's potential involvement, as did Zalupski via text message. MLB declined comment as well. However, the offer from Miller's group could loom over the negotiations with Zalupski, which have yet to be finalized. It is unclear if there are other groups or individuals interested in purchasing the team. Miller has been linked to the Rays in the past. In 2023, Forbes reported that the Gullane Capital Partners founder had put together a group looking to purchase the team for $1.85 billion. Sternberg rebuffed a sale at the time. The magazine valued the franchise at just $1.25 billion earlier this year. Miller said he believes the team will sell for more than $1.5 billion, and that the overall investment will require at least $3 billion. That would include the cost of the team, plus an additional $1.5 billion needed to fund a new stadium. Their intent would be to leave Tropicana Field and build a new ballpark, Miller said, with the caveat of first ensuring a productive partnership with local government. In any hypothetical sale, Miller said, his intent would be to keep the team local, specifically mentioning Hillsborough County (Tampa) or Pinellas County (St. Petersburg), while not fully ruling out exploring options in Orlando. 'This is not a relocation play to another state,' Miller said. 'You won't see the Rays relocating out of Central Florida, whether it was our group or another group. 'The league, that's what they're looking for. Someone who can not only buy the club, but solves the stadium problem.' Advertisement Zalupski's group reportedly offered $1.7 billion for the team, as first reported by Sportico. Miller noted that he believed their offer to be lower than that, and that Zalupski's group was still raising capital. 'I do know they're still out there raising money, and I know that because we've been contacted by people in their group to fill the void in their cap stack, on three occasions over the last three weeks. We were reached out directly and through intermediaries.' When asked if he believed Sternberg could be hoping to leverage the competing offers into a bidding war, Miller said, 'I think he wants to make sure if there is a transaction, that he is maximizing the value of the club.' 'We are fully funded, and frankly over-funded,' Miller said. 'We believe that this will trade in some range, and if it gets out of that range then we're not interested. We're not going to over-pay for the club in our opinion.' Miller declined to disclose what he believed would be an overpay. Last July, the Rays announced a $1.3 billion stadium agreement with the St. Petersburg City Council and Pinellas County Commission. However, that deal is no longer in place after a chaotic last eight months, which culminated in Sternberg's intention to sell the team he's owned since 2004. Hurricane Milton ripped the roof off Tropicana Field in October. As a result, both St. Petersburg and Pinellas County delayed approval on the funding for the new stadium, citing more immediate concerns. The Rays, frustrated about the delay, signaled that it would create cost overruns that prohibit construction from ever beginning. Even though the stadium funding was fully approved by January, the Rays formally pulled out of the deal in March. It's a move that might have actually raised the value of the team, Miller said, because it gives any new owner 'optionality' over what to do next. Advertisement Local politicians were calling for Sternberg to sell the team, while several owners were privately encouraging the same, according to a report from The Athletic's Evan Drellich. It became clear that the league wanted an owner committed to keeping the team in the Tampa Bay region, which no longer was a given under Sternberg. The Rays' lease at Tropicana Field expires in 2029. The team is playing its 2025 season at George M. Steinbrenner Field in Tampa, the spring training home of the New York Yankees. They intend to move back to their old home next season, and commissioner Rob Manfred indicated that the renovations to the ballpark are on track to be ready in time. (Top photo of Sternberg with MLB commissioner Rob Manfred: Brian Blanco / Getty Images)
Globe and Mail
19-06-2025
- Business
- Globe and Mail
Tampa Bay Rays say they're in talks for a potential sale amid stadium uncertainty
The Tampa Bay Rays say they are in 'exclusive discussions' with a Florida investment group for a potential sale of the team. The Rays are valued at $US1.25-billion, according to Forbes magazine. Stuart Sternberg bought the Major League Baseball club for $US200-million in 2004. 'The Tampa Bay Rays announced that the team has recently commenced exclusive discussions with a group led by Patrick Zalupski, Bill Cosgrove, Ken Babby and prominent Tampa Bay investors concerning a possible sale of the team,' the club said Wednesday while declining further comment. The potential sale comes at a precarious time for the Rays and their home ballpark. They are playing this season at the spring training home of the New York Yankees in Tampa after the roof of Tropicana Field in St. Petersburg was heavily damaged during Hurricane Milton last October. Before the hurricane, the Rays and the city had agreed on a plan for a $US 1.3=billion stadium development project next to Tropicana Field. In March, Sternberg said the club was withdrawing from that agreement. St. Petersburg is spending about $US55-million to repair Tropicana Field with a plan for the Rays to return there in 2026. The city and the club have a three-year agreement to play there. Beyond that, the club's future in the Tampa Bay area is uncertain. When the Rays withdrew from the project, the city noted that it was possible the club would have new owners. 'If in the coming months a new owner, who demonstrates a commitment to honouring their agreements and our community priorities emerges, we will consider a partnership to keep baseball in St. Pete,' Mayor Ken Welch said in March. 'But we will not put our city's progress on hold as we await a collaborative and community-focused baseball partner.'
Yahoo
19-06-2025
- Business
- Yahoo
The Tampa Bay Rays are in advanced talks to sell team
The Tampa Bay Rays are in advanced talks to sell team A group of investors led by a Jacksonville developer is in exclusive talks to buy the Tampa Bay Rays, the team said Wednesday. In a two-sentence statement, the Rays said the team is discussing a possible sale with Patrick Zalupski, Bill Cosgrove, Ken Babby 'and prominent Tampa Bay investors.' Advertisement Zalupski, 44, is the founder, president and CEO of Dream Finders Homes in Jacksonville. He is also a member of the Board of Trustees of the University of Florida. 'Neither the Rays nor the group will have further comment during the discussions,' the statement concluded. The news comes at a critical time for the Rays, who were forced to play home games this season at the New York Yankees' spring training stadium in Tampa after Hurricane Milton destroyed the roof of Tropicana Field in St. Petersburg last year. Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.
