Offshoring is a hot topic Major League Baseballand the Tampa Bay Rays are once again a top target.
Tampa Bay Times writer Marc Topkin spoke with team owner Stuart Sternberg last week on a wide range of topics, including the Rays stadium situation. Notorious for having one of the worst stadiums in the league, Sternberg said he remains “very optimistic” about securing a new stadium deal in the Tampa Bay area.
But Sternberg also revealed the significant financial hurdles they will have to overcome to build a new stadium. While it was initially estimated to cost around $1 billion, Sternberg revealed that it would now take $1.2 billion to build a stadium in St. Petersburg.
He also revealed that the Rays were willing to spend about half the cost to build the stadium. How generous!
Of course, that also means there’s another $600 million to find to fund construction. And team owners are seeking help from investors and negotiating for public financial support.
If Sternberg can’t raise the necessary funds, he will likely sell the team. And selling the team means the Rays will soon be out of Tampa.
Rays already presents sales offers
As the Rays attempt to raise money, many potential investors are asking to buy the team instead.
“More people are reaching out to us because we’re trying to raise money,” Sternberg said in the interview. “And we’re not trying to raise a million dollars from somebody, we’re trying to raise hundreds of millions of dollars. And when you talk about people potentially raising hundreds of millions of dollars, they say, “Well, maybe we can buy it all.” » So they come after you.
“We’ve always maintained that it’s not for sale,” Sternberg said. Still, he told interested parties, “if you want to make an offer, I’ll always listen.”
If he can secure the financing and the deal, the Rays will stay in town. But otherwise… Topkin said the expectation is that the sale to new owners would mean the franchise would leave after their lease expires in 2027.
“If I fail to do something here, the best buyer will be someone from elsewhere and the team will be sold,” Sternberg said.
Even though the situation in Tampa isn’t as bad as in Oakland, as the A’s example shows, stadium deals aren’t easy to make. And Tampa’s loss could be another city’s gain.
Relocation questions rise in MLB
Nashville, Salt Lake City or Austin could all be candidates for relocation.
And with the Milwaukee Brewers also potentially on the verge of extinction, several cities could benefit from stadium problems elsewhere.
Even the Chicago Sox might also be interested in moving.
Tampa is a prime contender, however, where fan support has generally been non-existent, no matter how well the team plays. After its inaugural season in 1998, the franchise never ranked higher than 9th in the American League in attendance. And no higher than 13th out of 15 AL teams since 2011.
Given the success of the product in the field, even with severe financial limitations, this is unacceptable. A fresh start in a new city with a new stadium might suit the Rays better than any other franchise. Given Sternberg’s blunt assessment, that might be more possible than ever.
