New Rays owners offer criteria for Tampa-area stadium search, with a plan to open by 2029
By Rick Mayer, Steve Newborn
October 7, 2025 at 1:53 PM EDT
At an introductory news conference, Patrick Zalupski and top executives Ken Babby and Bill Cosgrove said there is a sense of urgency to get a ballpark built as part of a revenue-generating, mixed-use development.
The new owners of the Tampa Bay Rays on Tuesday said it was “critical” to the team’s success to have a new stadium as part of a mixed-use development in the region by 2029.
They aren’t sure where in the Bay area it might go, but they have some basic criteria. They also said it must be a public-private venture. And it will have a fixed roof.
“We think without that revenue generation, it's going to be really, really challenging or nearly impossible to compete with the major markets,” managing partner Patrick Zalupski said.
Zalupski and the Rays' other top executives, Ken Babby and Bill Cosgrove, provided those details and more at an introductory news conference at Steinbrenner Field in Tampa.
Zalupski, a Jacksonville homebuilder, finalized a $1.7 billion purchase last week from Stuart Sternberg, who owned the Rays for 18 years and had long sought to find the team a new stadium.
From left to right: Bill Cosgrove, co-chair for the Tampa Bay Rays, Patrick Zalupski, managing partner and co-chair for the Tampa Bay Rays, and Ken Babby, chief executive officer for the Tampa Bay Rays, speak at a press conference on Tuesday, Oct. 7, 2025 at Steinbrenner Field in Tampa. (2500x1667, AR: 1.4997000599880024)
After the sale, the search continues, and it's priority one for the new bosses.
“We need a new ballpark. I don't think that's disputed by anyone,” Zalupski said. “We want to build a sustainable championship team. We're confident we can be successful in Tampa Bay.”
ALSO READ: Zalupski officially takes over the Rays and the quest for a new Tampa-area ballpark
Zalupski said he is seeking a site with roughly 100 acres that would support retail shops, bars, restaurants and other amenities along with a ballpark. He said the revenue from the surrounding development was needed to compete in the modern game.
He admitted the 2029 deadline was aggressive but added, "time is of the essence."
Ken Babby, chief executive officer for the Tampa Bay Rays, spoke at a press conference on Tuesday, Oct. 7, 2025 at Steinbrenner Field in Tampa about plans for the team's future. (2500x1667, AR: 1.4997000599880024)
Babby, who will run the day-to-day operations as CEO, acknowledged there is longstanding “fatigue” in the area about where the Rays would build a new home — with frequent speculation they might decide to leave altogether.
But Major League Baseball has repeatedly said it wants the team to stay.
ALSO READ: Tampa Bay Rays sale to Zalupski group approved by MLB owners
“Plan A is to figure it out here in Tampa Bay,” Babby said. “We’re confident that we're going to get that done.”
Several sites in the area may be under consideration, such as Ybor City, Hillsborough College's Dale Mabry campus in Tampa, and even the Tropicana Field site in downtown St. Petersburg.
The 100-acre prerequisite is available at the Tampa locations, but the owners said many sites in the region meet their criteria, and there are meetings planned with leaders on both sides of the bay.
Atlanta's Battery a role model
Zalupski said his group has spent time studying the success of The Battery, the mixed-use development built by the Braves in suburban Atlanta.
"We think the Battery is the gold standard of what we want to build and develop here in Tampa Bay," Zalupski said, "And that venue, that development, not only is it an incredible experience for the fans, the community, the players, but it is what you have to have in today's Major League Baseball to be successful."
The Battery project was built using tax increment financing, which captures future property tax revenue from surrounding businesses to fund redevelopment projects. Tampa officials pitched a similar approach in 2018 to build a Rays stadium in Ybor City, but Sternberg rejected that plan.
Tampa Mayor Jane Castor, who attended the press conference, said the city has no plans to use taxpayer money to build a stadium. But noting Zalupski's criteria, she said that approach would still work.
"They're businessmen, too, and they understand that the days of baseball standing alone are probably in our rearview mirror and they need to have that neighborhood that surrounds the baseball field," Castor said of the news owners.
Babby said the team is keeping all options open. That includes St. Petersburg, where the Rays have played at Tropicana Field since their inception in 1998 — until damage from last year's Hurricane Milton forced a temporary relocation to Steinbrenner Field this season.
The Trop site is only 86 acres, less than the 100 acres Zalupski seeks, although St. Petersburg Mayor Ken Welch says the city is open to discussions.
Sternberg cited the hurricane and related delays that likely drove up the cost when pulling out of a project to build a $1.3 billion stadium on the site. Welch, who also attended the news conference, said he can't forget how that decision killed the public-private $6.8 billion redevelopment of what is known as the Historic Gas Plant District.
"It requires both sides recognizing the history, recognizing all the time and effort that both the city and the county put into that," Welch said. "And that's something that needs to be addressed if you want to move forward in a positive way — and I think they get that."
Babby also said he was aware of, but had not studied, a recent proposal by ARK Investment Management to redevelop the Gas Plant site, with an option to include a stadium.
The new owners gave no hints of how much they would put up for a stadium, but Zalupski assured that "we'll come forward doing our part, but we need the partnership of the community to be able to make this work."
They also said they will be hands-off regarding the on-field operation, leaving it to president of baseball operations Eric Neander and field manager Kevin Cash.
"These guys are exceptional," Zalupski said.
Although the Rays have struggled with poor attendance, they've been successful on the field under Sternberg. The Rays won American League East titles in 2008, 2010, 2020 and 2021 and twice reached the World Series, losing to Philadelphia in 2008 and the Los Angeles Dodgers in 2020.
“In Erik and Kevin we trust,” Babby said.
Tampa Bay, considered a small market by MLB standards, won despite a limited budget for player salaries. That approach will likely remain the same.
“The economics of the club have not changed since we acquired it,” Zalupski said. “You'll hear a common theme, obviously: We've got to create this development. We have to have the revenue. It's critical to our success."
Getting the Trop ready for 2026
Babby promised to get hurricane-damaged Tropicana Field repaired in time for the 2026 season.
Work continues on the stadium, which had its fabric roof ripped off and suffered significant internal damage during the storm. By the end of the week, Babby said, half of the Trop's 24 roof panels will be installed.
“We promise the fan experience will be better than ever — with a new roof, new video board, a new sound system, and other improvements, including some funded directly by the Rays,” said Babby.
Under their lease with the city of St. Petersburg, the Rays are obligated to play at the Trop for three more seasons.
ALSO READ: Sternberg reflects on decision to sell Rays before his final game in charge
Zalupski, CEO of Jacksonville-based Dream Finders Homes, will be the team’s control person and a co-chair along with Cosgrove, CEO of Union Home Mortgage in Ohio, which has been a title sponsor of the Gasparilla Bowl, played annually in Tampa.
“I’ve always been a fan of the game, and I’ve long admired the Tampa Bay Rays — not just for their remarkable success on the field, but for the way they’ve built that success,’’ Cosgrove said. “The Rays are woven into the fabric of this region. They represent something special — not just in baseball, but in the lives of the people who call this place home.’’
Babby is also CEO of Fast Forward Sports Group, which owns the Triple-A Jacksonville Jumbo Shrimp, a Miami Marlins affiliate, and the Double-A Akron RubberDucks, a Cleveland Guardians farm team.
"Ken brings a passion for excellence and a deep respect for the culture that already exists within this organization," Zalupski said.
The Rays also announced other minority investors: Shane Battier, Chris LaFace, Rossman Family, Walt and Teri Bettinger, Mark Metheny, Andy Sandler/Temerity Baseball, Brett Berish, Mitzner Family, Jack Shields, David J. Bronczek and Matthew Bronczek and family, Larry and Brett Morgan, Stahl Family, Henry and Jennifer Brown, Mike Murphy, Thomas Family, Friedkin Family, Willy Nunn, Tom Wallace, Jeff Hills, O’Steen Family, Drew Weatherford, Mori Hosseini, Sidd Pagidipati, Will Weatherford, Johnson Family, Augie Ribeiro, and John Williams.
Zalupski and Cosgrove previously established an executive advisory board comprised of select investors, including Dr. Rick Workman, the Hertz Family, Will Weatherford, Robert Skinner, Dan Doyle Jr., and Matt Silverman, the Rays' former co-president. Fred Ridley will serve as an independent member of the executive advisory board.
"Be assured that we plan to do a lot of listening and a lot of brainstorming," Zalupski said. "We want to be methodical, and we will have purpose and vision in all we do. But it's also essential we move with a sense of urgency."
Information from the Associated Press was used in this report.
They aren’t sure where in the Bay area it might go, but they have some basic criteria. They also said it must be a public-private venture. And it will have a fixed roof.
“We think without that revenue generation, it's going to be really, really challenging or nearly impossible to compete with the major markets,” managing partner Patrick Zalupski said.
Zalupski and the Rays' other top executives, Ken Babby and Bill Cosgrove, provided those details and more at an introductory news conference at Steinbrenner Field in Tampa.
Zalupski, a Jacksonville homebuilder, finalized a $1.7 billion purchase last week from Stuart Sternberg, who owned the Rays for 18 years and had long sought to find the team a new stadium.
From left to right: Bill Cosgrove, co-chair for the Tampa Bay Rays, Patrick Zalupski, managing partner and co-chair for the Tampa Bay Rays, and Ken Babby, chief executive officer for the Tampa Bay Rays, speak at a press conference on Tuesday, Oct. 7, 2025 at Steinbrenner Field in Tampa. (2500x1667, AR: 1.4997000599880024)
After the sale, the search continues, and it's priority one for the new bosses.
“We need a new ballpark. I don't think that's disputed by anyone,” Zalupski said. “We want to build a sustainable championship team. We're confident we can be successful in Tampa Bay.”
ALSO READ: Zalupski officially takes over the Rays and the quest for a new Tampa-area ballpark
Zalupski said he is seeking a site with roughly 100 acres that would support retail shops, bars, restaurants and other amenities along with a ballpark. He said the revenue from the surrounding development was needed to compete in the modern game.
He admitted the 2029 deadline was aggressive but added, "time is of the essence."
Ken Babby, chief executive officer for the Tampa Bay Rays, spoke at a press conference on Tuesday, Oct. 7, 2025 at Steinbrenner Field in Tampa about plans for the team's future. (2500x1667, AR: 1.4997000599880024)
Babby, who will run the day-to-day operations as CEO, acknowledged there is longstanding “fatigue” in the area about where the Rays would build a new home — with frequent speculation they might decide to leave altogether.
But Major League Baseball has repeatedly said it wants the team to stay.
ALSO READ: Tampa Bay Rays sale to Zalupski group approved by MLB owners
“Plan A is to figure it out here in Tampa Bay,” Babby said. “We’re confident that we're going to get that done.”
Several sites in the area may be under consideration, such as Ybor City, Hillsborough College's Dale Mabry campus in Tampa, and even the Tropicana Field site in downtown St. Petersburg.
The 100-acre prerequisite is available at the Tampa locations, but the owners said many sites in the region meet their criteria, and there are meetings planned with leaders on both sides of the bay.
Atlanta's Battery a role model
Zalupski said his group has spent time studying the success of The Battery, the mixed-use development built by the Braves in suburban Atlanta.
"We think the Battery is the gold standard of what we want to build and develop here in Tampa Bay," Zalupski said, "And that venue, that development, not only is it an incredible experience for the fans, the community, the players, but it is what you have to have in today's Major League Baseball to be successful."
The Battery project was built using tax increment financing, which captures future property tax revenue from surrounding businesses to fund redevelopment projects. Tampa officials pitched a similar approach in 2018 to build a Rays stadium in Ybor City, but Sternberg rejected that plan.
Tampa Mayor Jane Castor, who attended the press conference, said the city has no plans to use taxpayer money to build a stadium. But noting Zalupski's criteria, she said that approach would still work.
"They're businessmen, too, and they understand that the days of baseball standing alone are probably in our rearview mirror and they need to have that neighborhood that surrounds the baseball field," Castor said of the news owners.
Babby said the team is keeping all options open. That includes St. Petersburg, where the Rays have played at Tropicana Field since their inception in 1998 — until damage from last year's Hurricane Milton forced a temporary relocation to Steinbrenner Field this season.
The Trop site is only 86 acres, less than the 100 acres Zalupski seeks, although St. Petersburg Mayor Ken Welch says the city is open to discussions.
Sternberg cited the hurricane and related delays that likely drove up the cost when pulling out of a project to build a $1.3 billion stadium on the site. Welch, who also attended the news conference, said he can't forget how that decision killed the public-private $6.8 billion redevelopment of what is known as the Historic Gas Plant District.
"It requires both sides recognizing the history, recognizing all the time and effort that both the city and the county put into that," Welch said. "And that's something that needs to be addressed if you want to move forward in a positive way — and I think they get that."
Babby also said he was aware of, but had not studied, a recent proposal by ARK Investment Management to redevelop the Gas Plant site, with an option to include a stadium.
The new owners gave no hints of how much they would put up for a stadium, but Zalupski assured that "we'll come forward doing our part, but we need the partnership of the community to be able to make this work."
They also said they will be hands-off regarding the on-field operation, leaving it to president of baseball operations Eric Neander and field manager Kevin Cash.
"These guys are exceptional," Zalupski said.
Although the Rays have struggled with poor attendance, they've been successful on the field under Sternberg. The Rays won American League East titles in 2008, 2010, 2020 and 2021 and twice reached the World Series, losing to Philadelphia in 2008 and the Los Angeles Dodgers in 2020.
“In Erik and Kevin we trust,” Babby said.
Tampa Bay, considered a small market by MLB standards, won despite a limited budget for player salaries. That approach will likely remain the same.
“The economics of the club have not changed since we acquired it,” Zalupski said. “You'll hear a common theme, obviously: We've got to create this development. We have to have the revenue. It's critical to our success."
Getting the Trop ready for 2026
Babby promised to get hurricane-damaged Tropicana Field repaired in time for the 2026 season.
Work continues on the stadium, which had its fabric roof ripped off and suffered significant internal damage during the storm. By the end of the week, Babby said, half of the Trop's 24 roof panels will be installed.
“We promise the fan experience will be better than ever — with a new roof, new video board, a new sound system, and other improvements, including some funded directly by the Rays,” said Babby.
Under their lease with the city of St. Petersburg, the Rays are obligated to play at the Trop for three more seasons.
ALSO READ: Sternberg reflects on decision to sell Rays before his final game in charge
Zalupski, CEO of Jacksonville-based Dream Finders Homes, will be the team’s control person and a co-chair along with Cosgrove, CEO of Union Home Mortgage in Ohio, which has been a title sponsor of the Gasparilla Bowl, played annually in Tampa.
“I’ve always been a fan of the game, and I’ve long admired the Tampa Bay Rays — not just for their remarkable success on the field, but for the way they’ve built that success,’’ Cosgrove said. “The Rays are woven into the fabric of this region. They represent something special — not just in baseball, but in the lives of the people who call this place home.’’
Babby is also CEO of Fast Forward Sports Group, which owns the Triple-A Jacksonville Jumbo Shrimp, a Miami Marlins affiliate, and the Double-A Akron RubberDucks, a Cleveland Guardians farm team.
"Ken brings a passion for excellence and a deep respect for the culture that already exists within this organization," Zalupski said.
The Rays also announced other minority investors: Shane Battier, Chris LaFace, Rossman Family, Walt and Teri Bettinger, Mark Metheny, Andy Sandler/Temerity Baseball, Brett Berish, Mitzner Family, Jack Shields, David J. Bronczek and Matthew Bronczek and family, Larry and Brett Morgan, Stahl Family, Henry and Jennifer Brown, Mike Murphy, Thomas Family, Friedkin Family, Willy Nunn, Tom Wallace, Jeff Hills, O’Steen Family, Drew Weatherford, Mori Hosseini, Sidd Pagidipati, Will Weatherford, Johnson Family, Augie Ribeiro, and John Williams.
Zalupski and Cosgrove previously established an executive advisory board comprised of select investors, including Dr. Rick Workman, the Hertz Family, Will Weatherford, Robert Skinner, Dan Doyle Jr., and Matt Silverman, the Rays' former co-president. Fred Ridley will serve as an independent member of the executive advisory board.
"Be assured that we plan to do a lot of listening and a lot of brainstorming," Zalupski said. "We want to be methodical, and we will have purpose and vision in all we do. But it's also essential we move with a sense of urgency."
Information from the Associated Press was used in this report.