Tampa Bay Rays set for new $2.3B stadium project after county and city approve financing plan

Tampa Bay Rays secure financing plan for $2.3 billion stadium project on Friday

The Hillsborough County Commission voted 5-2 to approve its $796 million share of the proposed $2.3 billion stadium project, which will replace the current Tropicana Field in Tampa, Florida. This decision comes a day after the Tampa City Council approved its $80 million share, bringing the total city contribution to $80 million. The Rays' new 31,000-seat stadium is expected to open in 2029, marking a significant milestone in the team's long-term future.

Rays CEO Ken Babby expressed his excitement about the partnership with the county and city, stating that the project will secure Major League Baseball's long-term future in Tampa Bay. He added, "By making the Forever Home a reality, the Rays are now home forever in Tampa Bay."

The Rays have committed to contributing at least $1.3 billion, along with any cost overruns. An additional $30 million will be sourced from federal disaster recovery funds. The team is also working with Hillsborough College to build the stadium and entertainment district on the college campus, as well as renovate some of the buildings.

The property for the stadium is located next to the New York Yankees' spring training facility and across a highway from an NFL stadium. The Rays have played at Tropicana Field since their inception in 1998, except for moving home games to George M. Steinbrenner Field in 2025 due to hurricane damage. The team's lease runs through at least the 2028 season.

This approval comes after a proposed $1.3 billion redevelopment deal for the new ballpark adjacent to Tropicana Field fell through last year, raising questions about the team's future. The team was bought by Patrick Zalupski's ownership group in September, and Zalupski hailed the vote as an "extraordinary milestone" for the Rays, the ballpark, and the entire Tampa Bay region.