Tampa Bay Rays reach tentative deal for new $2.3 billion stadium

Tampa Bay Rays reach tentative deal for new $2.3 billion stadium

TAMPA — The Tampa Bay Rays have reached a tentative financing agreement for a new $2.3 billion baseball stadium in Tampa, across the bay from their longtime St. Petersburg home.

The agreement, known as a memorandum of understanding or MOU, is scheduled for votes next week in Hillsborough County and the City of Tampa for their contributions in public money.

Under the proposal, the county would pay about $796 million and the city’s tab would be $180 million from sales taxes and other revenue sources. The Rays, meanwhile, plan to cover half the stadium cost, about $1.27 billion plus any overruns.

The goal is to have the new ballpark ready for the 2029 season. The Rays will continue to play at Tropicana Field in St. Petersburg until then, if the Tampa project comes to fruition.

How long would the new stadium keep the Rays committed to Tampa?

Rays CEO Ken Babby, part of a group that bought the Rays in September 2025, said the tentative agreement would guarantee the team stays in the Tampa Bay area for decades to come. Hillsborough County would own the stadium and lease it to the Rays for 35 years.

“This is a rare and perhaps unprecedented moment for Tampa Bay,” Babby said in a statement Thursday. “The Tampa Bay Rays are all in on this opportunity and look forward to working with officials in the days ahead to bring this project to life.”

The Hillsborough County Commission is scheduled to vote on the plan next Wednesday, with the Tampa City Council to follow the day after.

Why previous Tampa Bay Rays stadium proposals fell apart

The deal comes after a previous plan for a new ballpark and surrounding development in St. Petersburg fell through. After that, Hurricane Milton ripped the roof off Tropicana Field in 2024, forcing the Rays to play last year at Tampa’s small Steinbrenner Field, spring training home of the New York Yankees.