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Billionaire Offers to Buy Tampa Bay Rays Baseball Team

The wealth accumulation path of the most recent billionaire seeking ownership in professional sports is unveiled.

Wealthy Individual Placing Offer for Tampa Bay Rays Baseball Team
Wealthy Individual Placing Offer for Tampa Bay Rays Baseball Team

Billionaire Offers to Buy Tampa Bay Rays Baseball Team

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On a Wednesday blowout, the Tampa Bay Rays confirmed exclusive negotiations with a team led by homebuilding tycoon Patrick Zalupski, worth an estimated $1.3 billion according to Sportico, over a potential $1.7 billion purchase from current principal owner Stuart Sternberg.

The conversation comes amid a storm of uncertainty regarding the team's future in the Tampa Bay region, following a string of failed stadium proposals, including plans for Tropicana Field renovations or a new ballpark in St. Petersburg.

The prospective ownership group, fronted by the 44-year-old CEO of a publicly-traded developer Dream Finders Homes, might soon become a reality. Zalupski, with a net worth rivaling gigantic fortunes, is the founder and CEO of Dream Finders Homes, a Jacksonville-based company known as one of the fastest-growing homebuilders in the nation.

Zalupski's gang consists of Bill Cosgrove, CEO of Union Home Mortgage, Ken Babby, founder of Fast Forward Sports Group, and two minor league baseball team owners, aside from Zalupski. Zalupski has yet to comment on the negotiations, though the remaining partners have not responded either.

Born in the suburbs of Detroit, Zalupski's family experienced relocations numerous times throughout his childhood, as first documented in 2021 by Forbes. After earning a degree in finance from Stetson University, he worked as an auditor at FedEx, a job that lacked his passion. During his parents' divorce, his mother moved to Jacksonville, Florida, where she worked as a realtor. Zalupski soon followed, helping out with her business before flipping his first property at 24. Reinvesting the profits from the deal, he then bought a nine-unit condo project in 2006 just before the housing market crash.

Despite taking a hit on this investment, the loss paved the way for Dream Finders, co-founded by Zalupski, Mark McGuigan, and McGuigan’s wife, Tobi, in 2008. As the real estate market recovered following the 2008 financial crisis, Dream Finders built 27 homes in the following year. By 2013, Dream Finders had sold over 1,000 homes, prompting Zalupski to buy out the McGuigans for an undisclosed amount. In 2021, he took the company public on the New York Stock Exchange, owning roughly half of the company’s shares and holding 84% of voting rights.

Dream Finders remains profitable each year since its inception and generated $335 million in net income on $4.4 billion in revenue in its most recent year. Around 90% of Zalupski's fortune, estimated at $1.4 billion by Forbes, is attributed to his Dream Finders shareholding. To finance the acquisition, Zalupski will likely liquidate personal assets, such as selling his Ponte Vedra Beach home for $9.9 million after renovations.

The Rays are facing a tough season following Hurricane Milton's destruction of the team's stadium roof. As a result, they're playing their home games at Steinbrenner Field for the 2025 season, the smallest ballpark in Major League Baseball – about a quarter the size of Tropicana. With ticket sales plummeting, Zalupski's group may have a plan to revive the franchise.

If the Rays become Zalupski's property, the billionaire’s entrance could give a much-needed boost to the team’s stadium saga.

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  1. The Tampa Bay Rays are in negotiations with a potential new owner, Patrick Zalupski, a billionaire entrepreneur in the homebuilding business.
  2. Zalupski, the CEO of Dream Finders Homes, a fast-growing home builder, might soon become the owner of the Tampa Bay Rays, according to exclusive negotiations.
  3. The financial implications of the Tampa Bay Rays purchase by Zalupski could significantly impact the team's future, given his extensive personal and business fortune.
  4. As the Rays owner, Zalupski's entry may provide the necessary boost to resolve the team's longstanding stadium issues and potentially revive the franchise's performance on the MLB.

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