Reports from The Athletic’s Evan Drellich suggest that Tampa Bay Rays owner Stu Sternberg is facing pressure from MLB commissioner Rob Manfred and other team owners to sell the franchise, although a sale is not imminent.
Despite the lack of a pending sale, various groups, including the family of Edward DeBartolo Jr., have shown interest in acquiring the team.
The pressure on Sternberg to sell the team coincides with his ongoing efforts to secure a new stadium, a quest he has been pursuing for nearly two decades. The proposed $1.3 billion stadium project has encountered obstacles, particularly a funding dispute between the team and the city of St. Petersburg.
Sternberg purchased the Rays for approximately $200 million in 2004, and their current valuation is around $1.25 billion, according to Forbes. This places them among the lowest-valued teams in MLB, alongside the Royals, A’s, and Marlins.
In light of recent team sales within the league, including the Baltimore Orioles for $1.725 billion, the future of the Rays remains uncertain. Despite missing the playoffs last season, MLB is keen on retaining the franchise in the Tampa Bay area market, whether under Sternberg’s ownership or a new group.
While the potential sale of the team may not be immediate, the pressure for a change in ownership is likely to intensify if the current stadium deal collapses later this month.