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

Tampa Bay Rays secure $2.3B stadium financing after county, city approval

The Tampa Bay Rays have secured $2.3 billion in financing for a new stadium project, with both Hillsborough County and the city of Tampa approving their respective shares. The $796 million from Hillsborough County and $80 million from the city will fund a 31,000-seat stadium near Raymond James Stadium, home of the NFL's Tampa Bay Buccaneers. The new ballpark is expected to open in 2029, replacing the current Tropicana Field.

Rays CEO Ken Babby praised the partnership between the team, county, and city, stating that the project will ensure the long-term future of Major League Baseball in Tampa Bay. The Rays have committed to contributing at least $1.3 billion, with additional cost overruns and $30 million from federal disaster recovery funds. The project will be built on the campus of Hillsborough College, with renovations to some school buildings.

Since joining the Rays in 1998, the team has played at Tropicana Field in St. Petersburg, except for moving games to George M. Steinbrenner Field in 2025 due to hurricane damage. A previous $1.3 billion redevelopment deal for a new ballpark adjacent to Tropicana Field fell through last year, raising questions about the team's future following its September 2020 acquisition by Patrick Zalupski’s ownership group.

Despite the challenges, Zalupski hailed Friday's vote as a significant milestone for the Rays, the ballpark, and the Tampa Bay region.