• Loading stock data...
Wednesday, July 9, 2025

Rays $1.3 Billion Stadium Gains Approval With Manfred’s Influence

A month ago, the Rays’ planned new stadium was in big trouble. There are still concerns to work through, but MLB’s commissioner flipped two prior “no” votes and has helped put the project back on track. 

Kim Klement-Imagn Images

The long-embattled $1.3 billion new stadium for the Rays received another significant boost Tuesday, with a big assist from MLB commissioner Rob Manfred, as the Pinellas County (Fla.) Commission voted 5–2 to authorize $312.5 million in bonds for the project.

The decision followed two prior moves by the commission to delay approval of bonds that were originally agreed to last summer, including a postponement nearly a month ago. Since then, the St. Petersburg City Council has approved a separate, $287.5 million set of bonds for the ballpark, and Manfred traveled to Florida to reiterate the league’s belief in the Tampa market.

The county vote, however, was a more uncertain proposition, as since the original stadium deal in July, the commission saw the arrival of two new members, each with deep concerns about the agreement—particularly in the wake of catastrophic local damage from Hurricane Milton. Those two new commissioner members, Republicans Chris Scherer and Vince Nowicki, each voted “no,” as expected. 

In a notable development, though, county commissioner Chris Latvala flipped his stance from a prior opposition to the stadium project to one of support, and he was a “yes” vote Tuesday. He said that was strictly because of Manfred and a recent meeting with him, and Latvala called for a sale of the team.

“While I do not trust the owner of the Rays [Stu Sternberg], I trust Mr. Manfred,” Latvala said. “He is the reason I am voting yes. MLB is aware of the several instances where the Rays organization has intentionally tried to sabotage the very deal they agreed to. As a result of this vote, it is my hope that the Tampa Bay Rays will finally have an owner that our other wonderful local franchises have.

“I hope our vote today helps set the wheels in motion for a new owner and a new era of Tampa Bay Rays baseball,” Latvala added. 

Outstanding Costs

Even with the county and city bond votes now in place, there are still some sizable concerns from the team about their financial contribution to the project—and the club was repeatedly put on notice by the county commissioner Tuesday to honor their obligations in the deal. 

The Rays are responsible for the $700 million not covered by taxpayer funds, as well as any cost overruns. It’s the latter component the Rays say is quickly rising, in part because of extended political deliberations. 

The new ballpark was originally projected for a 2028 opening, but the team is now seeing 2029 as more likely. That will introduce additional costs that the Rays say they cannot afford. It’s possible that similar to an existing contemplation with the A’s and their planned ballpark in Las Vegas, Sternberg could look to bring in new minority team partners to help with the stadium development costs. Even before that potentially happens, though, the Rays have made it clear there is still a problematic “funding gap” to resolve.

“As we have made clear, the county’s delay has caused the ballpark’s completion to slide into 2029,” said Rays co-president Matt Silverman. “As a result, the cost of the project has increased significantly, and we cannot absorb this increase alone. When the county and city wish to engage, we remain ready to solve this funding gap together.”

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Jul 1, 2025; Pittsburgh, Pennsylvania, USA; Pittsburgh Pirates starting pitcher Paul Skenes (30) pitches against the St. Louis Cardinals during the third inning at PNC Park.

MLB ASG Missing Many Highly Paid Stars, Clearing Path for Youth

Many of MLB’s top earners are not part of the Midsummer Classic.
Jun 27, 2025; Dallas, TX, USA; Dallas Mavericks first overall pick Cooper Flagg speaks to the media during a press conference at the Dallas Mavericks Practice Facility.

Cooper Flagg–Bronny James Summer League Tickets Average $201

The average purchase price on resale platform TickPick is $201.

Texas Sports Teams, Leagues Donate Over $5M to Flood Relief

NFL, MLB, and NBA teams in Texas donate to flood recovery efforts.
A helmt is seen during the Texas Tech football team's spring game, Saturday, April 19, 2025, at Jones AT&T Stadium.

CFB’s Revenue-Sharing Era Muddles Future of NIL, Adds PE Questions

Athletic departments can pay college athletes a combined $20.5 million this year.

Featured Today

American Celebs Want to Be Sports Owners. Soccer Is Where They Start

As U.S. team prices climb, investors set their sights abroad.
July 5, 2025

Baseball’s Celebrity Row: Behind MLB’s First-Pitch Ritual

Often planned, sometimes spontaneous, the ritual throw is baseball’s celebrity row.
July 4, 2025

3,000 Hot Dogs, $20K in Prizes: Behind the Nathan’s Eating Contest

Nathan’s serves up thousands of hot dogs and $20,000 in prize money.
July 3, 2025

Geoffrey Esper Can’t Catch a Break at Nathan’s Hot Dog Eating Contest

“Hot dogs is not one of my favorite competitions of the year.”

Chiefs Delay Stadium Decision As Kansas Dangles Dome Dreams

Kansas legislators extend bonds for potential Chiefs and Royals facilities.
July 2, 2025

Commanders’ $3.8B Stadium Deal in Jeopardy? Mayor Sounds the Alarm

Political tensions rise about delays in stadium funding approval.
Jul 3, 2022; London, United Kingdom; Jannik Sinner (ITA) returns a shot during his match against Carlos Alcaraz (ESP) on day seven at All England Lawn Tennis and Croquet Club.
July 7, 2025

Wimbledon’s Expansion Battle Looms Over Star-Studded Quarterfinals

The expansion’s loudest opposition is Save Wimbledon Park.
Sponsored

Game On: Portfolio Players Stories, Brought to You by E*TRADE from Morgan Stanley

Dealmaker Jeffrey Kaplan maps the evolution of sports as an asset class
July 1, 2025

$600M for Browns Stadium Sparks Cleveland Backlash, Possible Lawsuit

The awarding of public funds draws criticism and could bring a lawsuit.
June 29, 2025

The Battle Over Wimbledon’s Ambitious Expansion Plan

A classic NIMBY standoff on one of the most hallowed grounds in sports.
June 26, 2025

Bengals Strike 10-Year, $470M Stadium Deal to Stay in Cincinnati

The NFL franchise and Hamilton County have agreed to a new lease.
June 26, 2025

Browns $2.4B Stadium Plan Now Relies on Ohioans’ Forgotten Money

Ohio’s Modell Law is revised, while stadium funding faces new challenges.