Investors are “said to be circling” the Rays as many compare a potential sale with the Twins being up for sale, but “key differences make the Rays a more enticing prospect for investors,” according to Christina Georgacopoulos of the TAMPA BAY BUSINESS JOURNAL. The Twins were in “advanced talks to sell to a Chicago private equity firm,” but the deal “fell apart at the 11th hour in late February, largely because of disagreement over what to do” with the team’s $425M debt. Several other factors have “complicated a potential deal for the Twins, including waning attendance rates and challenges around broadcasting with regional cable providers.” As for the Rays, sources said that “several local investor groups are interested in a deal.” Georgacopoulos writes “unlike the Twins, the Rays are among a select number of MLB teams to operate in the green,” with $30M in operating profit last year, per Forbes. Attendance has “reached pre-pandemic levels with roughly 16,500 fans last year; the Rays’ TV ratings have historically ranked at the front of the pack for MLB.” A new Rays owner also would have “wide latitude to pursue their own stadium deal” since current owner Stuart Sternberg officially pulled out of plans for a $1.3B redevelopment of the Tropicana Field site with a new stadium in downtown St. Petersburg (TAMPA BAY BUSINESS JOURNAL, 4/16).
Potential Rays’ sale ‘more enticing’ for investors than ongoing Twins process
