Ray owner Stuart Sternberg held “senior talks” with Jacksonville real estate developer Patrick Zalupski, which sold the franchise for about $1.7 billion, according to reports from Scott Soshnick and Kurt Badenhausen of Sport Co., Ltd. The Sportico added that Zalupski had signed a letter of intent to buy the club, although that doesn’t mean that a certain deal will certainly cross the line. Still, Joel Sherman heard the same voice in the New York Post, reporting that negotiations between the two parties were serious and that the Zalupski-LED group is the only buyer currently negotiating with the Ray.
Sternberg bought the Ray Franchise in 2004 for 200mm and has spent years trying to get public funding for the new stadium in the St. Petersburg/Tampa area. A year ago, a deal finally looked hard, but Hurricane Milton caused catastrophic damage in the Tropicana field, derailing those plans and pushing the rays to temporarily relocate to George M. Steinbrenner Field in Tampa, home to the Yankees’ Florida League League and its annual family park.
Zalupski is CEO of Dream Finders Homes, a Jacksonville-based developer that has built over 31,000 homes in ten states. Forbes estimates his net worth of $1.4 billion, while his company is valued at $3.4 billion. According to Sportico, he is the lead investor in a larger group, counting Ken Babby and Bill Cosgrove among several potential minority stakeholders. The former owns a majority stake in the Marlins’ Triple-A branch and the Guardian’s double-A club and is the son of famous NBA agent (and former president of the Phoenix Suns’ basketball business). The latter is the CEO of United Housing Mortgage Group. If the sales process is indeed completed continuously, other investors will also participate and reveal it.
And more.
