With a deadline looming between the Tampa Bay Rays and Pinellas County on new stadium funding, a second group of wealthy investors wants to buy the Tampa Bay Rays from owner Stu Sternberg.
Tampa attorney Carter McCain is leading this group and shared this news on the JP Peterson Show. McCain mentioned they are competing against a team led by sports investment consultant Joe Molloy. McCain highlighted that the financial commitment goes beyond just buying the team, especially because a new stadium is needed.
Valued at $1.3 billion, the Rays are the third-lowest valued team in Major League Baseball. Their St. Petersburg redevelopment deal with Hines is worth $6.5 billion and includes hotels, apartments, and entertainment venues. McCain’s group may seek private funding for a stadium project, unlike Sternberg’s proposal for public financing.
McCain also mentioned potential interest in the Minnesota Twins but reaffirmed his focus on Tampa Bay. He highlighted his group’s financial capacity and baseball expertise, stating, “The asset is much broader than just a team.” This strategy aligns with trends like the Braves’ Truist Park, which blends real estate with sports venues, a model St. Petersburg officials have proposed for the Rays’ redevelopment.
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