While a sale of the Tampa Bay Rays is not on the immediate horizon, owner Stu Sternberg is reportedly facing pressure from various individuals in the league, including MLB commissioner Rob Manfred, as per The Athletic’s Evan Drellich. Manfred and “some other owners” are said to be urging Sternberg to consider selling the franchise, though the extent of this pressure and the identities of those involved remain unclear. Despite no imminent sale, there are purportedly multiple parties expressing interest in acquiring the team, with the family of Edward DeBartolo Jr., owner of the San Francisco 49ers, among them.
The push for a potential sale comes amidst Sternberg’s ongoing efforts to secure a new stadium, a pursuit that has spanned nearly two decades. Collaborating with local officials in St. Petersburg, Sternberg has been striving towards a $1.3 billion stadium proposition following the destruction of Tropicana Field by Hurricane Milton last year. Consequently, the Rays have been compelled to host home games at the New York Yankees’ minor-league complex for the current season.
However, the stadium proposal has encountered obstacles, particularly stemming from a funding dispute between the team and the city. The likelihood of its realization remains uncertain, with a looming March 31 deadline for key components of the plan.
Sternberg initially acquired the Rays for approximately $200 million in 2004. According to Forbes, their valuation stood at around $1.25 billion last March, ranking among the lower end within MLB, only above the Kansas City Royals, A’s, and Miami Marlins. In contrast, the New York Yankees were appraised at over $7.5 billion in the same period.
Amidst recent team sales in the league, including the Baltimore Orioles for $1.725 billion last March, the Rays have struggled to secure a playoff spot since 2018. Discussions around the team’s future venue have persisted, with Tropicana Field’s opening in St. Petersburg in 1990 accommodating approximately 42,000 spectators. Sternberg’s attempts to transition away from the current stadium have included contemplating a split home base with Montreal, yet this proposition encountered limited support.
Despite ongoing uncertainties, MLB purportedly aims to retain the Rays within the Tampa Bay market, whether under Sternberg’s ownership or a prospective new ownership team. The league believes the region can sustain the franchise and is reluctant to forfeit a potential expansion opportunity by relocating the Rays.
Neither MLB nor Sternberg has publicly commented on The Athletic’s report, maintaining a cloak of ambiguity over the organization’s future. The looming possibility of an ownership transition may intensify if the current stadium agreement collapses by the end of this month.
