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Potential investor confirms interest in buying Tampa Bay Rays

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Published  March 10, 2025 6:28pm EDT
St. Petersburg
FOX 13 News

The Brief

    • An investment group confirmed its strong interest in buying the Tampa Bay Rays before a late March deadline for funding a new stadium.
    • The group is said to include multiple well-known investors and entertainment figures.
    • MLB and many city officials are pushing for the Rays' sale, as the team is uncertain about its ability to fulfill agreements with the county.

ST. PETERSBURG, Fla. - An attorney in Tampa confirmed to FOX 13 that he represents a group of investors interested in buying the Rays ahead of the March 31 deadline imposed by the deal the Rays signed. 

Renderings of the Rays' new stadium.

The deadline requires current ownership to prove they can build a new stadium.              

What they're saying:

Tampa attorney Carter McCain says he represents multiple investors who hope to keep the team in Tampa Bay.

PREVIOUS: Tampa Bay Rays suspend new stadium plans, blame county for not securing bond money in October 

"We have our baseball operations in place with a very, very well-known name that's very well accepted at the commissioner's level," said McCain during an interview Monday. "We have world-class entertainment and hospitality names, which were very well recognized, that are from outside the state." 

McCain says he is not at liberty to make their names public, but they include people with deep pockets, experience in the sports and entertainment worlds, and relationships with MLB's commissioner.               

McCain says all options are on the table regarding whether the new investors will hold onto the deal in St. Pete or whether their group will consider moving them across the bay to Tampa.    

Further, McCain says no formal offers have been made yet, but they have had early discussions with Rays owner Stu Sternberg. 

Rays owner Stu Sternberg.

"This is going to be a destination complex that's going to involve hotels, shops, restaurants, some retail, and it will be a destination for the west coast of Florida," McCain said. 

What's next:

The Rays have until March 31 to declare they have the money to proceed with their deal with St. Pete and Pinellas County.               

County commissioners say that if owner Stu Sternberg sells the team before that deadline, the deal will be transferred to the new ownership group.               

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The City of St. Pete says they have spoken with multiple people interested in keeping the Rays in St. Pete. However, they are confident that the current ownership group can follow through on the deal. 

Damage to Tropicana Field after Hurricane Milton.

"I'm very confident about what's going to be here," said Pinellas Commissioner Kathleen Peters. "I think that stadium is going to come through regardless of who buys the Rays." 

Several sources tell FOX 13 that the Rays are being pursued by two or three groups, and MLB is pressuring Sternberg to sell the team. 

PREVIOUS: Pinellas County issues new stadium deadline to Rays

One of those groups is St. Pete-based and is considering following through on the team's deal with Pinellas County with plans to build a new stadium downtown.

"That's really the dream scenario, and the only person that would stand in that way is Sternberg," said County Commissioner Chris Latvala. 

Peters says the good news for Rays fans is that the deal is structured such that if Sternberg were to sell the team, the deal would automatically transfer. 

With other markets, particularly Orlando, noodling about making a push for the Rays, Peters says that should give confidence to Rays fans. 

"I'm very confident the Rays are going to stay right here in Saint Petersburg and with a new owner," said Peters. "I think it brings even more hope for an even better team." 

Big picture view:

The Rays have not confirmed that the team is for sale, but they have said they have a very difficult financial picture, given that they can't play at Tropicana Field because of hurricane damage and because the deal was not approved when they expected.

PREVIOUS: Tropicana Field roof ripped off by Hurricane Milton

They've said they stopped all work on the project but have not indicated whether they will be able to prove they have the approximately $700 million needed to proceed by March 31. 

The roof of Tropicana Field ripped off from Hurricane Milton.

"I'm hopeful that this relationship continues," said St. Pete Council Chair Copley Gerdes. "I'd be disappointed if it didn't, but I think it's the expectation from administration and certainly mine, that we continue to move forward as partners like we have over the last 27 years." 

It’s unclear if any formal offers have been made to the Rays, but the team is considered to be worth $1.25 billion.

The Source: FOX 13's Evan Axelbank collected the information in this story.

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