TAMPA — The Tampa Bay Rays announced a preliminary agreement with Hillsborough County and the City of Tampa on a $2.3 billion stadium that would anchor a mixed-use district on Hillsborough College’s campus, across Dale Mabry Highway from Raymond James Stadium and next to the Yankees’ George M. Steinbrenner Field.
The non-binding memorandum of understanding shifts the financial burden more heavily toward the team compared with an earlier draft. Under the new terms, the Rays would cover $1.27 billion — approximately 55% of the total cost — plus all design and construction overruns, what the team called “the largest private investment by a sports team in state history.” The public contribution is capped at $976 million: roughly $796 million from the county and $180 million from the city.
“The Tampa Bay Rays are delighted to announce that we have reached a Memorandum of Understanding on a new ballpark proposal, working alongside staff at Hillsborough County and the City of Tampa,” Rays CEO Ken Babby said in a statement. “We are extremely grateful for the commitment and spirit of partnership demonstrated by all parties throughout this important process and occasion for our community.”
The county’s $796 million share would draw from $360 million in community investment tax revenue, $263 million from tourist development tax revenue bonds, $40 million from TDT reserves and $103 million from “additional County resources from various sources determined by the County,” according to the MOU. A previous draft had asked for $1.065 billion in public money — $750 million from the county and $251 million from the city — against a $1.235 billion private commitment from the Rays.
With the club’s use agreement at Tropicana Field in St. Petersburg set to expire after the 2028 season, the Rays are targeting Opening Day in 2029 for the fixed-roof ballpark, which would feature roughly 31,000 fixed seats. If approved, the county would own the facility under a 35-year lease, with the Rays holding options for five additional three-year extensions.
“Paramount for the Tampa Bay Rays in this process was to arrive at an MOU that protects all public funding currently allocated for police, fire, emergency management or response functions, or other previously committed public safety or service priorities,” Babby said. “We have accomplished that important and unconditional goal.”
The Rays have called Tropicana Field home since their inaugural season in 1998, aside from the 2025 campaign spent at Steinbrenner Field following Hurricane Milton. The two-decade search for a permanent ballpark spanned former principal owner Stuart Sternberg’s entire tenure and ultimately led him to sell the team late last year to a group led by managing partner Patrick Zalupski, co-chair Bill Cosgrove and Babby. The new ownership group moved quickly, securing support from MLB Commissioner Rob Manfred and Gov. Ron DeSantis.
“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,” Babby said.
Hillsborough County commissioners and Tampa City Council members are expected to vote on the MOU next week.