MLB and commissioner Rob Manfred are at the center of discussions regarding an American League teamâs uncertain future. League executives and fellow owners have reportedly raised concerns over the franchiseâs long-term stability, questioning its ability to secure a new stadium deal. While a resolution is yet to be reached, there is growing speculation that ownership changes may be on the horizon.
The team in question is the Tampa Bay Rays, and principal owner Stu Sternberg is now facing increased pressure to sell. Reports indicate that Manfred and several MLB owners are urging Sternberg to step aside, though he has not publicly expressed any interest in doing so. Multiple investor groups, including one led by former Yankees executive Joe Molloy, have emerged as potential buyers should the team become available.
At the heart of the issue is the Raysâ long-standing struggle to secure a new stadium. Sternberg has spent years negotiating with St. Petersburg officials on a $1.3 billion stadium project in the Historic Gas Plant District. However, delays and funding disputes have cast doubt on the planâs viability, and a March 31 deadline looms for critical commitments to be finalized.
Adding further complications, MLB is reportedly considering reducing the Raysâ revenue-sharing allocation if Sternberg fails to resolve the stadium situation. The league remains committed to keeping the franchise in Florida but appears to be losing patience with the lack of progress in securing a long-term home.
ST PETERSBURG â OCTOBER 10: In this aerial view, the roof of Tropicana Field is seen in tatters after Hurricane Milton destroyed it as the storm passed through the area on October 10, 2024, in St. Petersburg, Florida. The storm made landfall as a Category 3 hurricane in the Siesta Key area of Florida, causing damage and flooding throughout Central Florida. (Photo by Joe Raedle/Getty Images)
Growing Interest in a Potential Sale
Molloy, who has assembled a group of Tampa-based investors, has publicly confirmed his interest in acquiring the Rays. His group includes notable figures such as Edward DeBartolo Jr., the former San Francisco 49ers owner, while another potential ownership group is being led by Tampa businessman Dan Doyle Jr.
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Despite the mounting pressure, Sternberg has not indicated that he is willing to sell the team. His ownership stake, estimated to be between 80-90%, has made him a dominant force in franchise decisions. However, with a possible loss of financial support from the league and growing frustrations from local officials, the landscape surrounding the Raysâ future could change rapidly in the coming weeks.
