A new report from the Orlando Business Journal (OBJ) revealed that the Orlando Dreamers have made significant progress in their efforts to bring Major League Baseball (MLB) to Central Florida by securing an “indicative letter of interest” for senior debt financing from several large financial institutions. Although the exact amount has not been disclosed, this new funding brings the group’s total to nearly $2 billion—sufficient to acquire a franchise, either through relocation or league expansion.
The ownership group is led by principal owner Dr. Rick Workman, co-owner John Morgan of Morgan & Morgan law firm, co-founder / COO Jim Schnorf, and Cincinnati Reds legend, Barry Larkin, who serves as an MLB ambassador. Workman termed the senior debt commitment “the key final piece” of their team acquisition funding. At the same time, Larkin highlighted it as further evidence of the group’s preparedness to welcome an MLB franchise.
The Dreamers have proposed constructing a 45,000-seat domed stadium on 35 acres near SeaWorld, and Universal Orlando Resorts’ new theme park, Epic Universe, near the Orange County Convention Center. The venue may also include a baseball memorabilia museum and a concert space. Morgan has remarked that the design would rank among the top five parks in all of the league. In July, the group signed a three-year lease for office space in downtown Orlando and plans to expand its staff to support community outreach initiatives.
As the Dreamers make strides toward acquiring a team, the Tampa Bay Rays continue to explore options for a long-term stadium solution. The Rays’ current lease at Tropicana Field in St. Petersburg expires after the 2027 season, and team officials are evaluating alternatives on both sides of Tampa Bay. Discussions have included potential new ballparks in St. Petersburg’s redeveloped Gas Plant District and possible sites in Tampa’s Ybor City, but no final agreements have been made.
The uncertainty surrounding the Rays’ stadium plans has led to speculation about the team’s future in the region. Although Rays’ leadership has expressed a desire to remain in the Tampa Bay area, delays in finalizing a definitive agreement have opened the door for relocation discussions. This situation makes Orlando’s well-funded and ready-to-build bid even more crucial in MLB’s long-term planning.
When compared side by side, the financing momentum and shovel-ready stadium proposal from Orlando stand in stark contrast to the Rays’ protracted negotiations and site uncertainties. The Dreamers have positioned themselves as a turnkey option for MLB, while the Rays remain entangled in local political and logistical challenges that could hinder their ability to secure a modern ballpark in time.
Major League Baseball has expressed interest in future expansion beyond its current 30 teams, with potential locations including Nashville, Portland, and Montreal. However, league officials have emphasized that relocation remains an option for franchises unable to secure updated stadium agreements in their current markets. Orlando’s progress in financing, coupled with its ready stadium site, may put it in a favorable position should the league move forward with either option in the coming years.
