Wealthy Tycoon Placing Offer for Tampa Bay Rays Baseball Team
In a surprising turn of events, billionaire homebuilder Patrick Zalupski, worth an estimated $1.4 billion by Forbes, is now leading the charge to acquire the Tampa Bay Rays. On Wednesday, it was announced that Zalupski's group entered exclusive negotiations with current owner Stuart Sternberg to purchase the team for a whopping $1.7 billion, according to Sportico.
This news comes at a time when the Rays are grappling with uncertainty over their future in the Tampa Bay area, due to a series of failed stadium proposals. With Zalupski's group taking over, ownership could change hands to a team led by the 44-year-old CEO of a publicly-traded developer.
Zalupski's group also includes Bill Cosgrove, CEO of Union Home Mortgage, and Ken Babby, founder of the Fast Forward Sports Group and owner of two minor league baseball teams. Forbes attempts to contact Zalupski for comment, but he did not immediately respond.
Born in the Detroit suburbs, Zalupski had a nomadic childhood, moving frequently before settling in Jacksonville, Florida. After graduating with a finance degree from Stetson University, Zalupski landed a job at FedEx but felt unfulfilled. His mother's career in real estate sparked his interest, and he soon began helping her business. Zalupski flipped his first property in 2004 at just 24 years old.
This early success laid the foundation for Dream Finders, a homebuilding company co-founded by Zalupski, Mark McGuigan, and McGuigan's wife, Tobi, in 2008. Despite taking a loss on their first investment, just before the housing market crashed, they persevered, and Dream Finders has been profitable every year since. The company has grown exponentially, starting with 27 homes in 2009 and selling over 38,000 homes in their most recent year, generating $335 million in net income[2][6][7].
Zalupski's net worth mainly stems from his Dream Finders shares. Currently, he owns around half of the company and holds 84% of the voting rights. However, the exact amount of shares he has sold or will sell to fund the purchase remains unclear[3].
The Rays, meanwhile, have faced challenges recently. In 2024, Hurricane Milton devastated Tropicana Field's roof, necessitating the team to play home games at Steinbrenner Field, the Yankees' spring training stadium in St. Petersburg, for the 2025 season. Seating only 11,026 fans, it's the smallest ballpark in Major League Baseball and just a quarter the size of Tropicana. With decreased ticket sales for the 2025 season, Zalupski's group may have a plan to revitalize the franchise[1].
Whether billionaire Zalupski and his partners' potential ownership will bring a much-needed boost to the Rays' stadium issues remains to be seen. If they seal the deal, it could mark a new chapter for the team.
- Patrick Zalupski, a billionaire homebuilder and entrepreneur, is leading a group aiming to purchase the Tampa Bay Rays, valued at a shocking $1.7 billion.
- Zalupski's personal net worth is largely derived from his shares in Dream Finders Homes, a homebuilding company, which he co-founded with Mark McGuigan.
- Ambitious plans to revitalize the franchise might be in the works for the Rays under Zalupski's ownership, as they face challenges like playing at Steinbrenner Field for the 2025 season due to damage from Hurricane Milton.
- Financing the purchase of the Rays with funds from Zalupski's Dream Finders shares is under consideration, but the exact amount of shares he plans to sell is yet to be disclosed.
