Tampa Bay Rays in discussions to sell the team
Tampa Bay Rays principal owner Stuart Sternberg has entered “exclusive discussions” to sell the franchise to a group led by Jacksonville-based real estate developer Patrick Zalupski, the team announced Wednesday.
According to the report in Sportico, the proposed sale values the Rays at roughly $1.7 billion, which is the same amount the Pohlad family is believed to be seeking to sell the Minnesota Twins.
What does the Rays' possible sale mean for the Twins?
If the Rays, who currently rank 28th out of 30 MLB teams in salary payroll at $88,235,187, can sell for what the Pohlads are seeking for the Twins, one has to imagine that is good news for all of those in favor of Minnesota selling the team. In Forbes’ March MLB team valuations list, the Rays were valued at $1.25 billion, while the Twins were valued at $1.5 billion. CNBC estimated Minnesota is worth $1.65 billion and Tampa Bay is worth $1.4 billion.
Additionally, the Rays are currently playing in a minor league stadium while Tropicana Field undergoes renovations. Tampa Bay wants to be back at its long-time home stadium next season, but there is no guarantee Tropicana Field, which the Rays have a lease on through 2028, will be ready. The Twins have a significantly better stadium situation with Target Field, as the club’s current lease with the stadium runs through 2039 and could potentially be extended to 2059.
Fans may wonder why the Twins haven’t sold the team at their $1.7 billion asking price yet when the Rays appear to be on the verge of selling at the same valuation. The Pohlads can now use the Rays’ possible sale in negotiations, as the Twins generate more revenue than Tampa Bay.
On the other hand, Minnesota has upwards of $425 million in debt, according to The Athletic, which is possibly driving potential buyers away from meeting the Pohlads' $1.7 billion asking price. Regardless, the Rays’ sale will likely help the Pohlads' pursuit to sell the Twins.