If there’s one sentence to sum up the Tampa Bay Rays right now, it’s this: A drain on MLB’s revenue-sharing system. That’s what much of the baseball world seems to believe. Years of below-average performances, dwindling revenue, and a stadium saga that refuses to settle have pushed the franchise to the edge. Now, they find themselves backed into a corner, and the only way out might just be a billion-dollar sale.

The Rays’ principal owner, Stu Sternberg, has been under a lot of pressure to decide for months. And that mounting pressure has now pushed the team into a billion-dollar local ownership bid. Sportico reported on Wednesday that they are in talks with a group led by a Florida-based residential developer to sell the franchise.

As per the report, the parties have already signed a letter of intent, that too for $1.7 billion. It’s undoubtedly the best outcome the team could hope for, considering the empty stands and the absence of a true home stadium.

Well, MLB insider Jon Heyman definitely thinks so. “If Stu Sternberg does go through with this deal and sells the Rays to Jacksonville home builder Patrick Zalupski and gets $1.7B, it will be a record price for a homeless team,” wrote Heyman on X, responding to the news. The phrasing of the “homeless” part can’t be accidental. To get a clearer idea about the craziness of the offer, a comparison with the Mets‘ purchase would help.

When Steve Cohen purchased the Mets in 2020 for $2.4 billion, that marked the largest sale of a franchise in MLB history.

The fact that the Rays are now fetching just $700 million less than the Mets, given the current state of the franchise, is a fascinating business move. The Rays confirmed the reports, stating they “recently commenced exclusive discussions with a group led by Patrick Zalupski, Bill Cosgrove, Ken Babby, and prominent Tampa Bay investors concerning a possible sale of the team.” Seems like Sternberg couldn’t hold off for too long, as the options to move forward boiled down to a possible sale.

Even though they are on a surge recently, they have struggled to pull crowds and generate revenue all season. That pushed them down to 29th in attendance rankings, just above the Athletics. This has made them rely heavily on other teams’ revenue, and it is not something Rob Manfred or the other franchise owners would entertain. Even former pitcher Dallas Braden commented on the Rays’ situation. “… lots of other teams are upset that they’re just kind of a drain on the whole situation.”

After Hurricane Milton forced them out of Tropicana Field last year, they had to find a temporary home in George M. Steinbrenner Field in Tampa. So, a deal like this could bring them long-term financial stability. They desperately need that hope of a bright future, especially when they are posing a stellar comeback.

Rays beat Orioles in the biggest comeback

The Tampa Bay Rays are finding their rhythm at the right time, and Wednesday night’s game against the Orioles is proof. At one point in the game, Baltimore had a 96.8% chance of winning, but the predictions went all wrong, and the night ended with one of the biggest moments in MLB this season.

That’s a reminder for fans that this is not a team to go silently.

After trailing by 8–0 in the first two innings, the Rays stormed back in style. In the next five innings, they scored 12 runs and finished the game with a stellar 12–8. And guess what! That comeback from an 8-run deficit set the record for the biggest comeback in the majors this season.

After a slow start to 2025, the team now sits in the 10th spot in the MLB Power Rankings.

Navigating through injury woes and ongoing stadium struggles has rewarded them with the second position in the AL East. They are just behind the Yankees, with a 41–33 record. Their 11–4 run over the last fifteen games is a testament to the team’s resilience.

Now, if Sternberg finalizes the deal and sells the franchise, it could help solve the Rays’ stadium and financial challenges. And probably, that will be enough to gift them more than just a playoff spot.