Tennessee hedge fund leader has interest in buying Rays, per Forbes
ST. PETERSBURG — Stuart Sternberg still plans on owning the Rays and expects them to be playing in a new Tampa Bay-area stadium for “generations to come.”
But that doesn’t stop potential suitors from seeking other scenarios, or at least talking about them.
Forbes.com, quoting multiple unnamed sources, reported Friday that Trip Miller, founder of Gullane Capital Partners, a Tennessee-based hedge fund, is “trying to put together a group of investors to buy the Tampa Bay Rays for $1.85 billion.”
This is the second report in a month of investors expressing interest in the team.
The Athletic, also quoting anonymous sources, reported in May that Tampa businessman Dan Doyle Jr. was “trying to buy the franchise” and that the team “also is drawing interest from groups that would relocate the club” to a city that would be a potential candidate for an expansion team.
The Rays on Friday declined comment, letting stand Sternberg’s May 21 statement:
“I expect we will build a ballpark in Tampa Bay that will keep the Rays here for generations to come. I also plan on remaining the Rays owner.”
The Forbes story said the Doyle family would have the largest investment in the latest speculated deal, but that Miller, who would put in $200 million, would seek to run the team. Doyle is chairman of Tampa-based DEX Imaging, a longtime Rays sponsor. His father, Dan Sr., was part of the team’s original ownership group led by Vince Naimoli.
Gullane’s offices are in Memphis; though Forbes identified the company as being Nashville-based. Nashville is considered a strong candidate for a team when Major League Baseball decides to expand, but already has a potential ownership group, headed by former big-leaguer Dave Stewart, in place.
Miller, per his Linked In profile, earned an MBA from the University of Florida Warrington College of Business in 2000 after attending the University of Mississippi.
The $1.85 billion price would be an extreme premium; the team in March was valued at $1.25 billion by Forbes. The Mets sold in November 2020 for $2.4 billion; the Royals in 2019 for $1 billion.
Curiously or coincidentally, the Forbes report comes days after Nevada governmental approval for the A’s to relocate from Oakland to Las Vegas, leaving the Rays as the last team with a stadium issue, and the last hurdle before the league could proceed with expansion.
The Rays are in negotiations with St. Petersburg and Pinellas County officials about a plan to build a new stadium as part of a redevelopment of the Tropicana Field site, and they also have maintained talks with Tampa representatives.
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