Rays owner facing pressure to sell team as MLB could pull revenue shares to force a sale: report

Pressure Mounts on Tampa Bay Rays Owner Stu Sternberg

The world of Major League Baseball (MLB) is buzzing with news about the Tampa Bay Rays, as owner Stu Sternberg faces growing pressure to sell the franchise. According to a report by The Athletic, MLB Commissioner Rob Manfred and other team owners are increasingly pushing Sternberg to consider a sale. This pressure is reportedly linked to Sternberg’s hesitation over a new stadium deal in the Historic Gas Plant District of downtown St. Petersburg, Florida. With a deadline looming at the end of the month, Sternberg must decide whether to move forward with the project or potentially face consequences.

The Rays have been seeking a new stadium for 17 years, and the urgency to resolve the issue intensified last fall when Hurricane Milton tore the roof off their current home, Tropicana Field. The damage was so severe that the team will relocated to the spring training facility of their rivals, the New York Yankees, for the 2025 season. This temporary solution has only added to the sense of urgency for a permanent fix. Sternberg and the Rays had initially planned to contribute $700 million toward a new stadium, but delays in a county vote have stalled the project and increased costs. Sternberg has made it clear he believes the additional expenses should not fall on him or his team, further complicating the situation.

A Stadium Saga Years in the Making

The Rays’ quest for a new stadium has been a long and winding road. For nearly two decades, the team has sought a replacement for Tropicana Field, which has been their home since their inaugural season in 1998. While the stadium has served the team well, its age and condition have become increasingly problematic. The damage caused by Hurricane Milton last fall was the latest in a series of challenges, forcing the team to seek alternative arrangements for the upcoming season.

The proposed new stadium in the Historic Gas Plant District was seen as a beacon of hope for the franchise’s future. The project, however, has hit a significant roadblock. A delayed vote by the Pinellas County Commission in November left the stadium plan in limbo, leading to increased costs and uncertainty. Sternberg has expressed frustration over the delays, arguing that he and the team should not be held responsible for covering the additional expenses. This stance has reportedly frustrated MLB officials, who are now considering measures to pressure Sternberg into selling the team.

One of the measures being considered by MLB is the potential reduction of the Rays’ revenue-sharing income. The team currently receives $60 million annually from MLB’s revenue-sharing program, which is designed to help smaller-market teams compete financially with larger-market franchises. If MLB follows through on this threat, it could significantly impact the Rays’ ability to operate, further isolating Sternberg and potentially forcing him to sell.

Financial Pressures and Revenue-Sharing Implications

The financial implications of the stadium stalemate are significant, and MLB’s potential intervention could exacerbate the situation. The league’s revenue-sharing program is a critical component of the Rays’ financial stability, providing $60 million annually to help offset the challenges of playing in a smaller market. If this funding is reduced, the team’s already tight budget could become even more strained, making it difficult for Sternberg to maintain control.

The delay in the county vote has not only increased the cost of the stadium project but also cast doubt over the Rays’ future in Tampa Bay. The uncertainty has left fans and sponsors on edge, wondering if the team will remain in the region or be sold to new ownership. The possibility of the Rays relocating to another city, while not immediately likely, has been a topic of speculation in recent years. For now, the focus remains on resolving the stadium issue and ensuring the team’s long-term viability in Tampa Bay.

A Financial Stalemate

At the heart of the current impasse is a disagreement over who should bear the increased costs of the stadium project. Sternberg and the Rays had initially committed $700 million to the new stadium, but the delays have pushed the price tag higher. Sternberg argues that the additional costs should not fall on him or the team, as the delays were beyond their control. This stance has led to frustration among MLB officials, who are now weighing their options to pressure Sternberg into selling.

The Pinellas County Commission’s decision to postpone its vote on the stadium bonds in November has only added to the uncertainty. The delay has left the project in limbo, and the lack of clarity has made it difficult for Sternberg to move forward. The Rays’ owner has until the end of the month to decide whether to proceed with the current plan or walk away, leaving the future of the franchise hanging in the balance.

Potential New Ownership on the Horizon

As the pressure on Sternberg mounts, speculation is growing about potential new ownership for the Rays. Among the names being floated is Joe Molloy, a former minority owner of the New York Yankees. Molloy has confirmed his interest in acquiring the Rays, telling the Tampa Bay Times that he is leading a group of prominent Tampa Bay-based investors who share his vision for the franchise. Molloy’s involvement could bring much-needed stability to the team, but it remains to be seen if Sternberg will entertain offers or continue to fight to retain control.

Another potential suitor is Tampa businessman Dan Doyle Jr., who is part of a separate group interested in purchasing the Rays. Doyle’s involvement could help keep the team in Tampa Bay, ensuring that the franchise remains a part of the local community. However, any sale would require the approval of MLB, which has its own set of criteria for potential owners.

The possibility of new ownership has sparked mixed emotions among fans. While some see it as an opportunity for a fresh start and increased investment in the team, others worry about the potential for relocation or changes to the franchise’s identity. For now, the focus remains on resolving the stadium issue and ensuring the Rays’ long-term success in Tampa Bay.

Looking Ahead: A Crossroads for the Rays

As the deadline for Sternberg’s decision approaches, the Tampa Bay Rays find themselves at a critical juncture. The team’s future hinges on a combination of factors, including the resolution of the stadium impasse, the potential for new ownership, and the ongoing financial pressures. The next few weeks will be pivotal in determining the direction of the franchise, both on and off the field.

For fans of the Rays, the uncertainty is unsettling. The team has built a loyal following over the years, and the possibility of a sale or relocation has left many wondering what the future holds. While the Rays have consistently been competitive on the field, their off-field challenges have overshadowed their successes. A resolution to the stadium issue and clarity on the ownership situation would go a long way in restoring confidence and ensuring the franchise’s continued success.

In the end, the Rays’ story is one of resilience and determination. From their early days as an expansion team to their current status as a consistent contender, the franchise has overcome numerous challenges. As they navigate this latest obstacle, one thing is clear: the Tampa Bay Rays will continue to fight for their place in the world of Major League Baseball.