Patrick Zalupski, CEO of Jacksonville-based Dream Finders Homes Inc., is leading a group of investors in discussions to buy the Tampa Bay Rays baseball team from current lead owner Stu Sternberg, the team confirmed June 18.
Sports business news site Sportico reported earlier in the day that Zalupski has a letter of intent to buy the team for $1.7 billion.
The Rays confirmed the talks in a statement, without discussing the price, and said Zalupski leads a group that includes Ken Babby, owner of the Jacksonville Jumbo Shrimp and Akron RubberDucks.
The Rays said the team and the group would have no further comment while the discussions continue.
Stu Sternberg has been under pressure to sell the team after unsuccessful attempts to reach an agreement with local officials in the Tampa Bay area to build a new ballpark.
The Rays’ home stadium, Tropicana Field, was heavily damaged by Hurricane Milton in October 2024, forcing the team to play this season at the New York Yankees’ spring training stadium in Tampa while repairs are made.
Sportico said Zalupski signed a letter of intent to buy the team, but a final agreement has not been reached.
Zalupski founded Jacksonville-based Dream Finders in 2008 and built it into a Fortune 1000 company with $4.4 billion in revenue last year.
He took the company public in 2021.
Forbes magazine estimates Zalupski’s net worth at $1.4 billion.
The $1.7 billion price would be in line with the most recent sale of a Major League Baseball team, the Baltimore Orioles, which were sold for $1.73 billion last year, Sportico said.