Rays Stadium Deal in Trouble: Owner Raises Concerns Over Funding Delays

Where is a seemingly final stadium deal still not a finished deal? At least in St. Petersburg, Fla., where Rays owner Stu Sternberg said Monday the club is still determining whether to move forward with agreements originally struck last summer and reaffirmed late last year for a planned $1.3 billion ballpark.

Following bond measures approved last month by the Pinellas County Commission and by the St. Petersburg City Council, Sternberg and the Rays have repeatedly raised concerns over perceived delays and resulting cost increases that, in turn, alter the entire funding model of the proposed stadium. The Rays are responsible for $700 million of the base cost, plus all overruns. 

Sternberg, who appeared Monday at a high-profile, Tampa-area business event, said he is still uncertain whether the club will proceed with the deal as presently constructed. The Rays have until March 31 to show a series of completed steps that will formally release the public funding for the stadium. If that doesn’t happen, the bonding agreements could collapse. 

“We’ll decide how we want to proceed at that point, well before that point,” Sternberg told the Tampa Bay Times. “We have to make a decision, so we’ll have something by then.

“I will make sure our organization does what’s necessary to meet whatever conditions we need to meet,” he said.

The comments were the first Sternberg has made publicly since the two bond votes, though he did not specify how much additional funding he is seeking. Throughout this long-running stadium saga, his co-presidents, Brian Auld and Matt Silverman, have been the primary spokesmen for the team. 

While the drama over a new stadium continues, current facility issues also dog the Rays. The city intends to repair the hurricane-damaged Tropicana Field, but recently told the team it is not strictly obligated to have the renovations done in time for the start of the 2026 season, as intended. In the meantime, the club is playing home games at the Yankees’ spring training facility, George M. Steinbrenner Field, in Tampa.

Sternberg’s comments brought a repeat of prior criticisms from local leaders.

“Sell the team,” tweeted Pinellas County commissioner Chris Latvala.