On September 22, 2025, Major League Baseball unanimously approved a transformative ownership change for the Tampa Bay Rays, marking the end of Stuart Sternberg’s 20-year tenure as majority owner.
The $1.7
billion deal, set to formally close later this week, ushers in a new group of Florida-based business leaders poised to steer the franchise into its next chapter. In their public statements, the members of the new group have said their focus is on keeping the team in the Tampa Bay area and advancing long-overdue stadium plans. Here’s a summary of the new ownership group and what it means for the immediate future.
Meet the New Ownership Team
The new ownership group is a powerhouse of Florida business titans, blending expertise in real estate, finance, sports management, and more. Below is a breakdown of the key players:
Patrick Zalupski
Leading the charge is the billionaire CEO of Dream Finders Homes, a Jacksonville-based real estate powerhouse. With a net worth of approximately $1.4 billion (per Forbes), Zalupski is one of the largest financial contributors to the deal, bringing his business acumen and local ties to the forefront.
Zalupski had reportedly been vetted as a potential owner more than once by MLB, and the vote to approve the change in ownership was essentially a vote of confidence in Zalupski to lead this franchise through its uncertain future.
Bill Cosgrove
As CEO of Union Home Mortgage, Cosgrove joins Zalupski as a top financial backer. His leadership in the mortgage industry adds significant financial heft to the group.
Ken Babby
Named the new CEO of the Rays, Babby is a seasoned sports executive and owner of minor league teams, including the Jacksonville Jumbo Shrimp (Miami Marlins affiliate) and Akron RubberDucks (Cleveland Guardians affiliate). Through his Fast Forward Sports Group, Babby will take point on critical stadium negotiations, a pivotal role as the team seeks a permanent home.
Dan Doyle
The CEO of Tampa-based DEX Imaging, a current Rays corporate partner, brings local business credibility and a deep connection to the Tampa Bay community as a limited partner.
Rick Workman
Founder of Heartland Dental, Workman is rumored to hold the third-largest stake in the group. Notably, he previously led an Orlando-based effort to relocate or acquire the Rays, showcasing his passion for keeping baseball in Florida.
Fred Ridley
A prominent attorney and chairman of Augusta National Golf Club (home of The Masters), Ridley adds prestige and influence as a limited partner, rounding out the group’s diverse expertise.
Stuart Sternberg and Partners
The former majority owner will retain a transitional 10% stake, alongside his remaining original partners, to ensure continuity. Reports indicate this stake may be divested over time, particularly as the team’s value could grow with a new stadium deal.
What This Means for Rays Fans
This ownership transition is more than a business deal—it’s a signal of renewed ambition for the Rays. The group’s deep Florida roots, combined with their financial and operational expertise, positions them to tackle the franchise’s biggest challenges, from modernizing facilities to enhancing the fan experience. With Zalupski, Cosgrove, and now Workman providing financial muscle, Babby driving operational strategy, and local figures like Doyle ensuring community ties, the Rays are poised for stability and growth.
The retention of Sternberg’s 10% stake also offers continuity within the organization, allowing the new group to leverage his two decades of experience while charting a fresh course. As the team navigates stadium plans and rebuilds momentum post-hurricane, fans can expect a more engaged and locally invested ownership group.
Looking Ahead
The ownership change comes at a critical juncture for the Rays, who have been grappling with the future of Tropicana Field, especially after damage from Hurricane Milton. The new group, with Babby at the helm of stadium talks, is reportedly committed to keeping the team in the Tampa Bay area, with a preference for Hillsborough County, per the Tampa Bay Times.
MLB Commissioner Rob Manfred has publicly supported the group’s vision to maintain the Rays’ local presence, saying Zalupski was, “deeply committed to the Tampa Bay region as a home for the Rays” — a reassuring sign for those wary of relocation rumors. Potential sites include areas near Steinbrenner Field on Dale Mabry, the neighborhood of West Shore, or the since purchased land in Ybor City, although no team preferences have been announced.
As the deal closes and the new owners settle in, all eyes will be on their next steps. Will they secure a state-of-the-art stadium deal to replace Tropicana Field? Can they elevate the Rays’ profile in a competitive sports market? With a roster of proven leaders — including the expected retention of President of Baseball Operations Erik Neander — the future looks bright.
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