The Rays have spent years proving a team can win big while spending small. Now, with a new stadium deal in place, their new owner is talking like that era could be ending.
Patrick Zalupski said this week that the approved ballpark project in Tampa could help push the club into a very different financial tier.
“We believe with the new ballpark and the new development around the ballpark we should be able to drive into the top-15 circle, maybe even top 10,” new majority owner Patrick Zalupski said this week (via Marc Topkin of the Tampa Bay Times). “Tampa’s the No. 11 media market in the country, with 3 1/2 million residents. There’s nothing holding it back.”
That’s a striking line from an owner who is still less than a year into the job. Zalupski’s group took over after former owner Stuart Sternberg agreed to sell last July in a deal reportedly valued at $1.7 billion. The other 29 teams approved the sale in September, and the transaction closed on Sept. 30 of last year.
The backdrop matters here. The City of Tampa and Hillsborough County both approved a $2.3 billion mixed-use development last week near Hillsborough College’s Dale Mabry campus, within walking distance of Raymond James Stadium. Ground is expected to break soon, and the Rays are targeting Opening Day 2029 for the new ballpark.
For now, though, the comments are more ambition than action. The stadium is still years away, and there’s no sign the Rays are about to make a sudden leap in payroll this winter.
Future collective bargaining rules could also shape how aggressively Tampa Bay spends. And yes, a new owner who just landed a stadium deal has every reason to say the right things.
Still, the numbers show how much room there is to grow. Tampa Bay is currently 26th in cash payroll at $98,516,804 and 27th in CBT payroll at $116,208,358, even after adding Freddy Peralta ($8MM salary) and Tyler Wells ($2.445MM) ahead of the 2026 trade deadline.
The Rays opened the season ahead of only the Guardians and Marlins in 2026 payroll, and they have just $25.5MM in guaranteed money on next year’s books. Roughly one-fifth of that is tied to mutual option buyouts for Nick Martinez and Cedric Mullins.
To get into the top half of MLB by cash payroll, Tampa Bay would need to almost double its current spending. The Angels are 15th at just under $180MM in 2026 spending, while the 14th-ranked Diamondbacks sit at $191,667,936. A true top-10 payroll would mean pushing past $200MM by today’s standards, and that figure could climb even higher by the time the new stadium opens.
That’s what makes Zalupski’s comments stand out. Other ownership changes around the league have not exactly produced spending explosions.
New Padres owners Jose E. Feliciano and Kwanza Jones talked “all-in” at their introductory press conference, but also said they would spend “within their means.”
Changes in Kansas City, Miami and Cleveland have not brought major payroll jumps either, though the Royals did push their 2026 payroll above $140MM for the first time since their franchise-record levels in 2017.
There are also some names on the Rays’ roster that could point toward a bigger commitment later on. Junior Caminero is controlled through 2030, Jonathan Aranda through 2029, and Shane McClanahan, though often injured, is controlled only though 2027. Whether the Rays actually chase that kind of future this winter remains to be seen.
Zalupski’s interview with Topkin goes deeper on the stadium vision, the development around it, and his belief that president of baseball ops Erik Neander and manager Kevin Cash are “best in class at their respective roles.”
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The latest reminder came against his old club, when he looked every bit like the pitcher Tampa Bay thought it was getting. Peralta retired 17 of the final 18 hitters he faced in that outing, another sign that the Rays bid to bolster the back end of their rotation for the postseason may be paying off, even if the full verdict on the trade will not come until the pressure rises later. [Read more 🡒]