Two investors are competing to buy the Rays. Who are they?

Over the years, the Tampa Bay Rays have amassed a long list of would-be owners.

The team’s perpetually uncertain future has led to many suitors — and breakups. Owner Stuart Sternberg has kept his cards close through it all.

But the Rays notably changed their tone this week, when the team announced it is in “exclusive discussions” with a group led by Jacksonville developer Patrick Zalupski “concerning a possible sale of the team.” As recently as March, the Rays had said the team was not for sale.

Zalupski has assembled a group of investors, including Bill Cosgrove, CEO of Union Home Mortgage, which sponsors college football’s Gasparilla Bowl at Raymond James Stadium; and Ken Babby, who owns two minor-league baseball teams.

But Zalupski has competition.

He’s submitted a letter of intent to buy the team, reportedly for $1.7 billion. But that letter has an expiration date. And if that deal falls apart, Memphis hedge fund founder Trip Miller is waiting in the wings — and willing to offer more, he told the Tampa Bay Times.

So who are these wealthy men jockeying for the chance to take over Tampa Bay baseball?

Here’s what we know about them:

Patrick Zalupski

Zalupski, 44, was born in the Detroit suburbs, according to Forbes, but has lived in Florida for much of his life. He graduated with a degree in finance from Stetson University and has resided in Duval or St. Johns County for at least the past decade, voter registration records show.

He founded Dream Finders Homes in 2008, a fraught year to start in the homebuilding industry. But as the Great Recession faded, the company boomed, selling more than 31,000 homes in nine states, according to its website.

It was only in the past few years, though, that Zalupski saw his wealth and influence reach new heights.

Four years ago, Dream Finders went public, and his name was added to Forbes’ list of billionaires. As of this week, Forbes listed Zalupski’s net worth at $1.3 billion, making him the 2,531st richest person in the world.

Willy Nunn, president and founder of Homes by Westbay in Riverview, has known Zalupski for about eight years as both of their companies have advanced in the world of homebuilding. Nunn described Zalupski as charming and ambitious.

“As a season ticket holder, I like the idea of Patrick Zalupski as an owner,” Nunn said.

The rise in Zalupski’s fortune also correlated to his increased involvement in the political world. In recent years, Dream Finders Homes has dramatically ramped up its political giving, records show, going from $20,000 in donations in 2020 to more than half a million dollars last year.

Gov. Ron DeSantis appointed Zalupski to the University of Florida board of trustees in early 2023. That summer, Dream Finders Homes wrote a $250,000 check to the super PAC for DeSantis’ presidential bid — by far its largest political donation ever — and Zalupski donated the maximum amount of $6,600 to DeSantis’ campaign.

If Zalupski’s group purchased the Rays, it wouldn’t be his first foray into financing pro sports. The Jacksonville Jaguars named their previous practice facility after Dream Finders Homes, and Zalupski’s robust sponsorship of the football team earned him a spot on the super yacht belonging to Jaguars owner Shad Khan.

The vessel, called Kismet, hosted luxury parties for the upper crust surrounding the team, according to a 2024 article by The Florida Times-Union. It stretches 410 feet long, almost exactly the distance between home plate and straightaway centerfield in the Rays’ temporary home of George M. Steinbrenner Field in Tampa.

“Kismet is sort of the ultimate sales tool,” Zalupski told the newspaper. “It is something you can only get access to by being part of the Jaguars’ family.”

More recently, Zalupski’s name has been in the news for connections to some of Florida’s biggest stories. After the Board of Governors, which oversees Florida public universities, rejected the school’s lone finalist to be president of UF, the Tampa Bay Times quoted Zalupski from an overheard conversation telling a member of that board: “You f—ed up, man.”

Zalupski also was rumored to be the developer behind a secretive deal in which the state of Florida would have traded 600 acres of a pristine wildlife preserve to a private company. The proposed land swap sparked enough bipartisan outrage that the idea was shelved.

The state has not revealed the identity of the person behind the company, called The Upland LLC, despite journalists and at least one state lawmaker repeatedly asking officials for more information.

The general counsel for Dream Finders Homes, Rob Riva, previously told the Times the homebuilding company was not involved. He did not respond to follow-up messages asking if Zalupski was behind The Upland LLC in his personal capacity.

But when Rep. Kim Kendall, R-St. Augustine, texted The Upland’s lawyer asking for Zalupski’s phone number, he didn’t deny that he was his client.

“Rep., I’m not trying to be difficult but am not authorized to release any information concerning this matter,” Gary Hunter texted back. “That would include Mr. Zalupski’s phone number.”

Trip Miller

Memphis hedge fund founder Miller also is vying to take over the Rays.

He’s leading a group called “Epping Forrest Diamond Partners” that put forward an offer earlier this month.

Miller wouldn’t name the other investors on his team or disclose how much they offered. But he told the Times that they’re ready to compete with Zalupski.

“We are financially prepared if needed to bid more,” Miller said.

Miller was born and raised in Memphis and earned his MBA at the University of Florida in 2000. He started Gullane Capital in 2012. The fund has invested in several major companies including Apple, FedEx and Amazon.

This isn’t Miller’s first attempt at courting Sternberg.

In 2023, Miller assembled a different group that included Dan Doyle Jr., CEO of Tampa-based office company DEX Imaging. They offered $1.85 billion for the team, according to reporting from Forbes.

Miller said Doyle is not part of his current investment group. In fact, Doyle is believed to be part of Zalupski’s group this time.

Miller said his goal as the team’s owner would be to provide the resources to build a new stadium. “The Rays need a good home and there’s not certainty about this now,” he said.

As far as location goes, Miller said he would consider all options, but that he’d prefer to keep the team in Tampa Bay. Miller has a home in Jacksonville and lives north of the Florida border in Sea Island, Georgia.

“There are numerous intriguing sites in the Tampa Bay area and I think all efforts should be exhausted by any party who wins their bid to keep it in the Tampa Bay area,” he said. “And I believe the league would like to see that.”

Times staff writer Max Chesnes contributed to this report.

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