The Tampa Bay Rays will open a new $2.36 billion ballpark in time for the 2029 season, ending nearly two decades of efforts to secure a permanent home. Tampa and Hillsborough County approved the 31,000-seat stadium on the Hillsborough College campus in late August.
Rays owners Patrick Zalupski and Ken Babby, along with their partners, purchased the team in September 2025 for $1.7 billion. Zalupski, the principal owner, is 45 years old. The purchase came with no current or future home for the team.
The Rays committed $1.37 billion to the ballpark project, covering construction costs and any overruns. The new facility follows Hurricane Milton's October 2024 damage to Tropicana Field's roof, which forced the team to play the entire 2025 season at Steinbrenner Field.
One week after taking control of the franchise, Zalupski, Babby and co-chair Bill Cosgrove publicly set the 2029 season deadline as their first priority.
The new ballpark will be surrounded by an $8 billion to $10 billion privately financed mixed-use development spanning 130 acres.
The franchise currently ranks among MLB's bottom three in attendance and revenue. The owners' goal is to transform the Rays into a top-15 revenue club, which would support a top-15 payroll.
On the field, the Rays have accumulated the third-most regular-season wins in MLB since 2008, trailing only the Dodgers and Yankees. The team enters the American League playoffs with the league's best record and the No. 1 seed.
