Staff Writer
The Tampa Bay Rays have entered a new chapter in franchise history as executive Patrick Zalupski and his ownership group officially finalized their purchase of the team on Tuesday. The sale, unanimously approved by Major League Baseball (MLB) owners last week, marks just the third ownership change since the team’s inception.
Zalupski, founder and CEO of Jacksonville-based Dream Finders Homes, now becomes the Rays’ principal control person and co-chair. He succeeds outgoing principal owner Stuart Sternberg, who led the organization for nearly two decades. Vince Naimoli was the team’s original owner when the Rays launched in 1998.
“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 statement. “We are especially privileged to have been chosen by Stu Sternberg as his successors, and we’re 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 on and off the field.”
Leadership Team and Roles
Alongside Zalupski, the new executive leadership group includes:
Bill Cosgrove, CEO of Union Home Mortgage, who will serve as co-chair.
Ken Babby, CEO of Fast Forward Sports Group and owner of two minor league franchises, who will oversee the Rays’ day-to-day business operations as the club’s chief executive officer.
On the baseball side, Erik Neander will continue in his role as president of baseball operations, maintaining continuity for the team’s front office.
MLB Commissioner Rob Manfred welcomed the transition, noting: “Major League Baseball is pleased to welcome Patrick and his partners to the ownership ranks. Their collective experience and passion for the game will serve the Rays well as they enter this exciting new chapter.”
Key Challenges Ahead
One of the most pressing issues facing the new owners is the franchise’s long-term stadium situation. The Rays are currently under a use agreement with the City of St. Petersburg for Tropicana Field through 2028. While the dome is expected to be operational again next season following repairs from Hurricane Milton, the team spent 2025 playing at George M. Steinbrenner Field in Tampa.
Securing a permanent home for the Rays has been a challenge for years and was a major factor in Sternberg’s decision to sell. Zalupski and his group are expected to address the matter as a top priority.
A formal news conference with the new ownership group is scheduled for October 7.
Financial Details and Background
The purchase price has not been officially disclosed, though multiple reports estimate the deal at approximately $1.7 billion.
Zalupski, 44, brings a background in business and community leadership. In addition to leading Dream Finders Homes, he serves on the University of Florida’s Board of Trustees, appointed by Gov. Ron DeSantis. His professional history also includes roles in financial auditing with FedEx and in real estate development.
Cosgrove’s Union Home Mortgage is well-known in Tampa Bay as the title sponsor of the Union Home Mortgage Gasparilla Bowl. Babby, meanwhile, has extensive experience in sports management through his ownership of the Jacksonville Jumbo Shrimp (AAA affiliate of the Miami Marlins) and the Akron RubberDucks (AA affiliate of the Cleveland Guardians).
The Rays’ On-Field Outlook
The Rays concluded the 2025 season with a 77–85 record, missing the playoffs for the second consecutive year. With new ownership now in place, fans and analysts alike will be watching closely to see how the group balances on-field competitiveness with long-term stability for the franchise in the Tampa Bay region.
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