ST. PETERSBURG, Fla. – On the surface, this should be one big, happy family in celebration. Here are the Tampa Bay Rays, essentially homeless for the foreseeable future, but granted a significant pocket of money to build a new home. With the city of St. Petersburg contributing $287.5 million and Pinellas County chipping in another $312,5 million of an overall $1.3 billion stadium allocation, the Rays would be in a sweet spot to finish the deal. After all, the movers and shakers of sports franchises come to the table with deep pockets and grand ambitions. In the case of the Rays, there is a dramatic collapse from this equation. In what has become a moment of contention, anxiety, crisis and mistrust, the deal, in its present form, could be doomed. That would mean going back to square one and, in all probability, kill the entire stadium proposal. At the core, the Rays have publicly stated that the county is to blame for delays and eventual cost overruns. This resulted in county delays in voting on bond issues and creating an unrealistic time window. Initially, the Rays hoped to open their new stadium in time for the 2028 season. The county responded by confronting the Rays with the realities of two hurricanes hitting the Tampa Bay area in October and the recent November election that flipped two seats on the board of commissioners. The Rays appear to be insensitive to these conditions. As a result of the delays in approving the county’s $312.5 million in bonds, cost overruns resulted, the Rays continue to contend. With the city of St. Petersburg and Pinellas County's financial support, that comes to a combined $600 million. The Rays are then responsible for making up the remaining gap of about $700 million. At this point, the Rays have not identified what those cost overruns might entail. One consequence is certain; the Rays will not be given any additional money from both the city or the county. With the city of St. Petersburg and Pinellas County's financial support, that comes to a combined $600 million. The Rays are then responsible for making up the remaining gap of about $700 million. “The onus is now on the Rays,” Pinellas Commissioner Rene Flowers said after the Dec. 17 vote. “All eyes are watching that the Rays uphold their obligation.” After allocating the country’s portion of $312 million, Kathleen Peters, chair of the county commissioners, said “we did our contractual part.” There is not one commission member who would commits to more money for the project, she pointed out. Peters went on to suggest the Rays obtain funding assistance from Major League Baseball, which already allocated $100 million, or investment partners. The Rays’ argument that the franchise cannot absorb cost overruns has become a significant question. At this point, the Rays have been silent on their financial obligation and owner Stuart Sternberg has all but disappeared. For his part, Sternberg began his career as a partner in the financial firm of Spear, Leeds and Kellogg. In 2000, the company was acquired by Goldman Sacks and transaction was valued at the time, at $6.5 billion. Sternberg then became a partner and managing director at Goldman and retired in 2003. In 2005, he became the Rays’ principal owner, and his net worth is valued at $1 billon by Equity Atlas. Sternberg could use a portion of his personal wealth and through his contacts in the financial and sports worlds raise the remaining capital and complete the stadium deal. During open forum and debate the bond issue on Dec. 17, county commissioners Chris Latvala, in voting for the bonds, called for Sternberg to sell the team. “As a result of this vote,” Latvala said, “it is my hope that the Tampa Bay Rays will finally have an owner that our other wonderful local franchises have.” An important clause in the contract is a vital time window. Essentially, the Rays are on the clock, and the team has until March 31, 2025, to fulfill its part of the contract. That includes design and development plans as well as funding their remaining portion of the agreement. Still, the Rays has not taken lightly the county’s delays in approving bonds. “As we made clear, the cost of the project has increased significantly,” said Rays’ president Matt Silverman in a statement released after the Dec. 17 commissioners' meeting. “We cannot absorb this increase alone. When the City and the County wish to engage, we remain ready to solve this funding gap together.” With Sternberg’s personal worth a matter of public record, his pockets, and other interested parties, are considered deep enough to cover the cost overruns. Now, the city and the county await the Rays movement. If excuses and blame continue and the March 31 deadline falls like a guillotine, the likelihood is real that the stadium will be present only in a set of blueprints and not initiated with shovels in the ground.
