Tampa Bay Rays principal owner Stu Stenberg announced Friday that the team is willing to pay over half the cost of the proposed $1.2 billion St. Petersburg stadium. Sternberg, who is highly optimistic, says a deal could be done by years end. The commitment will potentially exceed $600 million, and the Rays are actively seeking investors to provide some of the cash in exchange for a share in the team.

Numerous inquiries have been made about selling the entire team, and while Sternberg expects to remain owner, he is willing to listen. A report from Forbes in June indicated a Tennessee-based investor was putting together a group – including Tampa businessman Dan Doyle Jr, chairman of DEX, imaging to purchase the Rays for $1.85 billion. The offer would be an extreme premium price, as Forbes only valued the team at $1.25 billion in March. Sternberg has said there are currently no deals in the works.

The Rays do make it clear to any inquiring party that the team will be staying put if a stadium deal is reached. However, Sternberg has said that if the team does not make a stadium deal, he would expect new owners to move them out of the Tampa Bay area after the 2027 Tropicana Field lease expires. Sternberg had considered having the team split games between Tampa Bay and Montreal. That plan was shot down, but Sternberg does say if he cannot get a deal done in St. Petersburg then the best buyer for the team will be “somebody from somewhere else”. The Rays have been working with St. Petersburg and Pinellas County officials on the new stadium as a part of the Gas Plant District redevelopment.

The Rays also have continued communication with Tampa representatives about the potential for a stadium there. However, there is a lack of action that makes the move seem unlikely. The Rays are expecting to pay for half or more of the stadium, which is estimated to cost $1.2 billion, the first public indication of the size of their commitment. The stadium would be complete and open by 2028, and the full Gas Plant development project would take around 15 years to complete.