The Tampa Bay Rays are making major moves both on and off the field. The team has reached a tentative financing agreement for a brand-new $2.3 billion stadium in Tampa, marking a significant shift from their long-time home in St. Petersburg.
Under the proposed deal—set for votes next week by Hillsborough County and the Tampa City Council—the county would contribute roughly $796 million, while the city’s share would be $180 million, sourced from sales taxes and other revenues. The Rays themselves plan to cover about half the cost, putting up $1.27 billion and agreeing to handle any overruns.
If approved, the goal is to have the new ballpark ready for the 2029 season. Until then, the Rays will continue playing at Tropicana Field in St. Petersburg, assuming the Tampa project moves forward as planned.
Rays CEO Ken Babby, who became part of the ownership group in September 2025, emphasized that this agreement would keep the team rooted in the Tampa Bay area for decades. Under the terms, 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 timing is notable. The deal comes after a previous plan for a new ballpark in St. Petersburg fell through. Then, in 2024, Hurricane Milton tore the roof off Tropicana Field, forcing the Rays to play last season at Tampa’s Steinbrenner Field—the spring training home of the New York Yankees. The Trop has since been repaired, and the team is back on its familiar turf.
And the Rays are making noise on the diamond, too. Entering Friday’s game against the Miami Marlins, they sat in first place in the American League East with a 28-14 record—a hot start that has fans buzzing about what’s to come.
The new stadium would be built on the campus of Hillsborough, bringing the team closer to Tampa’s core. For fans who love to rep their team in style, this is the perfect time to gear up for the next era of Rays baseball.