The Tampa Bay Rays reached a non-binding memorandum of understanding Thursday with Hillsborough County and the City of Tampa for a proposed new ballpark. The $2.3 billion stadium would be part of a mixed-use district on the site of Hillsborough College’s campus in Tampa. The proposed location is across Dale Mabry Highway from Raymond James Stadium and next to George M. Steinbrenner Field.
Hillsborough County commissioners and Tampa City Council members were expected to vote on the memorandum the following week. The Rays are targeting Opening Day in 2029 for the proposed ballpark, while their use agreement at Tropicana Field in St. Petersburg is set to expire after the 2028 season. The agreement remains non-binding and requires approval from the county and city.
Proposed ballpark funding and lease terms
Under the memorandum, the public contribution would be capped at $976 million, including approximately $796 million from Hillsborough County and $180 million from the City of Tampa. The Rays would contribute $1.27 billion and cover all cost overruns, representing approximately 55% of the total project cost. Hillsborough County would own the ballpark, while the Rays would lease and operate it.
The memorandum calls for a 35-year lease term. The Rays would have the option to extend the lease for five additional three-year periods. Rays CEO Ken Babby said the agreement protects public funding allocated for police, fire, emergency management, public safety and other service priorities.
“The Tampa Bay Rays are delighted to announce that we have reached a Memorandum of Understanding on a new ballpark proposal, working alongside staff at Hillsborough County and the City of Tampa. We are extremely grateful for the commitment and spirit of partnership demonstrated by all parties throughout this important process and occasion for our community,” Babby said in a statement.
Rays plan move from Tropicana Field
The Rays have called Tropicana Field home since their inaugural season in 1998, except for the 2025 campaign at George M. Steinbrenner Field following Hurricane Milton. The team returned to the repaired and renovated Tropicana Field after that season. The Rays have searched for a long-term ballpark in the Tampa Bay area for two decades.
The new ownership group is led by managing partner Patrick Zalupski, co-chair Bill Cosgrove and CEO Ken Babby. The ballpark plan received support from MLB Commissioner Rob Manfred and Florida Gov. Ron DeSantis. The Rays have shared renderings of a fixed-roof ballpark with approximately 31,000 fixed seats.
“This is a rare and perhaps unprecedented moment for Tampa Bay. The Tampa Bay Rays are all in on this opportunity and look forward to working with officials in the days ahead to bring this project to life,” Babby said in a statement.
Source: Original report