With deadlines looming between the Tampa Bay Rays and Pinellas County on fundraising for the new stadium, a second group of wealthy investors want to buy the Tampa Bay Rays from owner Stu Sternberg.
Tampa Attorney Carter McCain is leading the group and shares the news on the JP Peterson Show. McCain said he is competing with a team led by sports investment consultant Joe Molloy. McCain emphasized that financial commitments are more than just buying teams, especially as new stadiums are needed.
Valued at $1.3 billion, the Rays are the third lowest team in Major League Baseball. The St. Petersburg redevelopment agreement with Hines is worth $6.5 billion and includes hotels, apartments and entertainment venues. McCain’s group can seek private funding for the stadium project, unlike Sternberg’s public funding proposal.
McCain also mentioned potential interest in Minnesota twins, but reaffirmed his focus on Tampa Bay. He highlighted the group’s financial capabilities and baseball expertise, saying “the assets are much broader than just a team.” The strategy coincides with trends like The Braves’ Truist Park, which combines real estate and sports venues, and is being proposed by St. Petersburg officials for the redevelopment of the Rays.
Related Article: Mayor of St. Petersburg says that if the Tampa Bay Rays do not agree to stadium deals, the City has prepared to “move forward”
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