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The Rays have taken another significant step toward finally getting a long-awaited ballpark, and the financial parameters around a proposed $2.3 billion ballpark are becoming more clear.
Four months after first detailing plans for a domed stadium and mixed-use development on Hillsborough College’s Dale Mabry Campus in Tampa, the club has reached a non-binding memorandum of understanding with city and county officials.
The agreement between the Rays, Hillsborough County, and city of Tampa contains several key elements, including:
- At least $1.3 billion in funding from the Rays, including all cost overruns. The mixed-use development element of the project, inspired in part by The Battery in Atlanta, would also be privately funded.
- A $796 million contribution from Hillsborough County. That share would be split between a community investment tax (CIT), a tourist development tax (TDT), and prior reserves from those TDT funds, as well as $103 million from unspecified “additional county resources from various sources” at the county’s discretion.
- A $180 million contribution from the city, also drawing in part from the local CIT.
The combined public-sector contribution of $976 million, which is capped at that amount, is down from a prior club ask of $1.065 billion from taxpayers.
Next Steps
Both the city and county are set to hold separate votes on the MOU as soon as next week. The new stadium has a targeted opening of Opening Day 2029, making time of the essence to finalize the deal. The ballpark project has been a key initiative of Rays owner Patrick Zalupski and his partners since acquiring the club last year.
“The Rays respectfully but resolutely encourage Hillsborough County and the city of Tampa to approve the MOU and make possible a Forever Home for our community’s Tampa Bay Rays, breathe new life into the Dale Mabry Campus of Hillsborough College, and create a new privately financed neighborhood that will be an inviting and inclusive destination to work, live, learn, and play,” said club CEO Ken Babby in a statement.
The club previously reached a separate MOU with the college’s Board of Trustees. The stadium would be located near Raymond James Stadium, home of the NFL’s Buccaneers, as well as George M. Steinbrenner Field, the Yankees’ spring training home, and Tampa International Airport.
The Rays, meanwhile, have been one of the top surprises of the 2026 MLB season thus far. After missing the postseason the last two years, the club has raced out to a 28–14 record, second best in the league behind only the Braves, and are back at Tropicana Field.
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