Local investor offers $260M to purchase the Tropicana Field property via Tampa Bay Times
Thompson Whitney Blake, founder of the private equity firm Blake Investment Partners submitted an offer to St. Pete officials Thursday.
Tropicana Field pictured throughout the fence of the pedestrian walk over on Thursday, March 12, 2025, in St. Petersburg. The Tampa Bay Rays have announced they will not move forward with stadium deal. [ DIRK SHADD | Times ]
- By Rebecca Liebson Times staff
A local investor is offering the city of St. Petersburg $260 million in cash to purchase the 86-acre Gas Plant District site after the Tampa Bay Rays announced they were walking away from an agreement to build a new baseball stadium on that land.
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Tampa Bay Rays nix stadium deal
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The Brief
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- The Rays have decided not to move forward with plans to build a new stadium.
- The MLB team made the announcement on social media Thursday morning.
- The Rays noted that the city of St. Petersburg is moving forward with plans to restore Tropicana Field for the 2026 season.
ST. PETERSBURG, Fla. – The Tampa Bay Rays have officially pulled out of a deal to build a new stadium.
On Thursday, the Tampa Bay Rays posted a message on social media announcing its decision not to move forward with the new stadium.
The team faced a March 31 deadline on whether to proceed with the stadium and redevelopment deal that took years.
What they’re saying:
In a statement on X, the Rays wrote, “After careful deliberation, we have concluded we cannot move forward with the new ballpark and development project at this moment. A series of events beginning in October that no one could have anticipated led to this difficult decision. Our commitment to the vitality and success of the Rays organization is unwavering. We continue to focus on finding a ballpark solution that serves the best interest of our region, Major League Baseball, and our organization.”
The statement added that the city of St. Petersburg is moving forward with plans to restore Tropicana Field for the 2026 season. The stadium was severely damaged during Hurricane Milton, and the Rays will play their 2025 home games at Steinbrenner Field in Tampa.
St. Pete Mayor Ken Welch also released a statement on Thursday, writing in part, “While the decision of Tampa Bay Rays ownership to terminate the agreements for a new stadium and new development is a major disappointment, it is not unexpected. Nor is it the end of the Historic Gas Plant District story.”
Tampa Mayor Jane Castor issued the following statement:
“Disappointed the Rays aren’t following through with stadium plans in St Pete. The goal has always been to keep the team in Tampa Bay. The City, Tampa Sports Authority & County are happy to talk with the team again, but any proposal has to make sense for our taxpayers & community.”
Battle over new stadium for Rays
The backstory:
Over the past several months, it appeared a new ballpark would finally be built for the Rays after many years of discussions and rumors.
The planned 30,000-seat domed stadium was set to be a major component of St. Pete’s redevelopment of the Historic Gas Plant District.
The City of St. Petersburg and Pinellas County approved a total of about $600 million in public funds, with the Rays on the hook for any cost overruns – a stipulation that came into play late last year when the Rays blamed the county for not securing $312 million in bonds sooner. Team officials said the stadium wouldn’t be ready until 2029, a year later than initially planned, which put the project in jeopardy because that delay also translated to increased costs.
The Rays faced a March 31 deadline to confirm whether the team would be willing to move forward with the stadium deal, which culminated with Thursday’s statement saying the project will not happen.
Will the Rays be sold?
Dig deeper:
Another wrinkle in the saga surrounding the Rays is whether owner Stu Sternberg would be willing to sell the team. Earlier this week, an attorney in Tampa confirmed to FOX 13 that he represents a group of investors interested in buying the Rays.
Major League Baseball Commissioner Rob Manfred is also reportedly pressuring Sternberg to sell the franchise.
As of Thursday afternoon, there has been no public response from Sternberg on whether he intends to sell.
Pictured: Tampa Bay Rays owner Stu Sternberg.
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