There is increasing pressure for Tampa Bay Rays owner Stu Sternberg to consider selling the baseball franchise, especially in light of concerns that he might back out of an important stadium deal in St. Petersburg. According to a report by The Athletic, both MLB commissioner Rob Manfred and several team owners are actively encouraging Sternberg to divest the team. In a bid to expedite this process, the league is contemplating the possibility of withholding a portion of the Rays’ revenue-sharing income as a means to compel Sternberg to act.
Amid this backdrop, various local investment groups are expressing interest in acquiring the Rays. Notably, one group is linked to Joe Molloy, a former minority owner of the New York Yankees. In a recent interview with the Tampa Bay Times, Molloy confirmed his leadership role in a consortium of prominent Tampa Bay-based investors. “Yes, I’m leading a group of prominent Tampa Bay-based investors who are interested in acquiring the Tampa Bay Rays. We have assembled an incredible team that shares our vision,” Molloy stated.
While Molloy refrained from disclosing the identities of his partners, The Athletic reported that the family of Edward DeBartolo Jr., known for owning the NFL's San Francisco 49ers, is also part of this investment group. Furthermore, Dan Doyle Jr., a Tampa businessman, is associated with another faction interested in purchasing the team.
Although Sternberg has not publicly shown any inclination to sell the Rays, speculation regarding a potential sale has been circulating within both MLB and local business communities. As it stands, the current owner has a deadline until the end of this month to decide on proceeding with a new stadium deal in the Historic Gas Plant District located in downtown St. Petersburg. To keep the stadium project viable, Sternberg must meet several obligations by March 31, 2024.
Reports indicate that MLB is contemplating reducing the Rays’ allocation from the estimated $60 million in revenue-sharing funds if a sustainable long-term solution—be it through selling the team or finalizing a new stadium—is not established.
Molloy has expressed a desire to continue with the current plans for a new stadium in St. Petersburg should his ownership group take over. “What I can say now is this: The team has plans to stay in St. Petersburg, and we are fully committed to building on the great work that the city and county have already accomplished. We are incredibly excited about this opportunity,” he added, while keeping further details under wraps.
The Tampa Bay Rays have been attempting to secure a new stadium for the past 17 years. Their situation has been exacerbated by damage caused by Hurricane Milton to Tropicana Field, necessitating the team to play at the Yankees’ minor league facility in Tampa for at least the current season. Tensions have escalated between Sternberg and local officials over funding for the proposed $1.3 billion stadium. The Rays contend that delays stemming from a postponed county vote have inflated the project's costs, and they believe they should not be required to contribute additional funds due to these setbacks. The organization had initially pledged $700 million towards the construction of the downtown St. Petersburg stadium.
