Tampa Bay Rays owner Stu Sternberg is reportedly facing increased pressure to sell the franchise from MLB Commissioner Rob Manfred and other owners, according to The Athletic.
MLB could even try to take away part of the Rays’ revenue-sharing income to try and force a sale, per the report. The Rays get $60 million in revenue sharing currently. The reported reason for the pressure is related to Sternberg considering backing out of a stadium deal.
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A general view of the stadium before a game between the Oakland Athletics and Tampa Bay Rays at Tropicana Field. (Nathan Ray Seebeck-USA TODAY Sports)
Sternberg has until the end of this month to decide whether to continue with the new stadium deal in the Historic Gas Plant District in downtown St. Petersburg, Florida.
The Rays have been trying to build a new stadium for 17 years, and urgency to address the issue rose this past fall after Hurricane Milton ripped the roof of their current venue, Tropicana Field. The team is set to play their 2025 home games at the spring training facility of the rival New York Yankees.
View of the damaged roof of Tropicana Field stadium, the home of Major League Baseball’s Tampa Bay Rays, after Hurricane Milton made landfall, in downtown St. Petersburg, Florida, on Oct. 10, 2024. (REUTERS/Octavio Jones)
The Rays and Sternberg previously planned to contribute $700 million to a new stadium. However, a delayed county vote led to a holdup in construction and therefore, increased costs, so Sternberg does not believe he and his team should have to cover the subsequent costs.
The Pinellas County Commission postponed a vote on its share of the new stadium bonds in November, leaving that project in limbo.
Potential candidates to purchase the Rays if Sternberg is pushed to sell include former Yankees minority owner Joe Molloy.
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Tampa Bay Rays principal owner Stuart Sternberg and Manager Kevin Cash watch as pitchers and catchers hold their first Spring Training workout in Port Charlotte, Florida, on February 12, 2025, at Charlotte Sports Park. Hurricane Milton rips the roof off Tropicana Field in St. Petersburg, Florida, where the Rays usually play their regular season games. They play their regular season home games this year at the New York Yankees Spring Training stadium, Steinbrenner Field, which seats 11,000 people. (Thomas O’Neill/NurPhoto)
Molloy confirmed his interest to the Tamp Bay Times.
“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 told the outlet.
Tampa businessman Dan Doyle Jr. is also part of another group interested in the Rays, according to the report.
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