The Tampa Bay Rays are in sale talks with Jacksonville real estate magnate Patrick Zalupski, the team announced.

Zalupski has signed a letter of intent to purchase the team with the Rays valued at $1.7 billion. A letter of intent is not legally binding in any way.

Because of damage done by Hurricane Milton to Tropicana Field last fall, the Rays are currently playing at Steinbrenner Field in Tampa, the spring training home of the New York Yankees. Multiple proposals for new stadiums for the team have fallen apart in recent years. In March, the team missed a deadline for a $1.3 billion park in St. Petersburg.

Current Rays owner Stuart Sternberg purchased the team in 2004 for $200 million.

The most recent MLB franchise sale came in the spring of 2024 when David Rubenstein purchased the Baltimore Orioles from the Angelos family for $1.725 million.

The Rays confirmed the news in a statement, saying that they have "commenced exclusive discussions with a group led by Patrick Zalupski, Bill Cosgrove, Ken Babby and prominent Tampa Bay investors concerning a possible sale of the team."

Neither the team nor the potential investing group would have any further comment during the discussions, the team added in its release.