Tampa Bay Rays owner Stu Sternberg acknowledged — with some gallows humor — the long, arduous path his team took to reach Tuesday’s announcement of a new $1.3 billion deal to build a new ballpark in St. Petersburg, Florida.
“I’m here to announce a brand-new ballpark on the waterfront with a sail,” Sternberg said in jest, referencing an ill-fated plan from more than 15 years ago to develop a ballpark with a much-derided, sail-like covering.
But now, the joking is over, the team says.
“It has not been an easy road,” Sternberg said. “While our commitment to remain in Tampa Bay has been steadfast, the journey here has been a bumpy one.”
That bumpy journey has led the MLB club to a landmark agreement to develop a new 30,000-seat ballpark as part of a larger, 86-acre mixed-use development in St. Petersburg’s Gas Plant District.
The Rays plan to pay $700 million toward the project, as well as any cost overruns, while the public sector will contribute $600 million. The domed stadium will also include natural light, contrasting with the dark, often-depressing Tropicana Field.
Advancing well beyond several prior supposed stadium deals, the Rays agreement looks to finally answer the thorny question of the club’s future home and opens MLB up to highly anticipated expansion possibilities.
A Different Future
The stadium deal also gives the Rays a much more solid financial footing and ends years of relocation rumors.
“We’re going to be here for a very long time,” said Rays co-president Brian Auld. “For the first time since we started this we have a clear path to make sure the Rays stay in Tampa Bay for generations to come.”
Since the club’s debut in 1998, the Rays have ranked last or next-to-last in American League attendance 18 times, even with consistently competitive teams, and are typically one of MLB’s lowest-spending franchises. But club officials foresee an economic transformation with the new project.
“This region, and especially this city, are growing up around us and are better equipped to support a Major League Baseball team,” Sternberg said.
![[Subscription Customers Only] Jun 15, 2025; Seattle, Washington, USA; Botafogo owner John Textor inside the stadium before the match during a group stage match of the 2025 FIFA Club World Cup at Lumen Field.](https://frontofficesports.com/wp-content/uploads/2026/02/USATSI_26465842_168416386_lowres-scaled.jpg?quality=100&w=1024)
![[Subscription Customers Only] Jul 13, 2025; East Rutherford, New Jersey, USA; Chelsea FC midfielder Cole Palmer (10) celebrates winning the final of the 2025 FIFA Club World Cup at MetLife Stadium](https://frontofficesports.com/wp-content/uploads/2026/02/USATSI_26636703-scaled-e1770932227605.jpg?quality=100&w=1024)
