The Tampa Bay Rays have outlined a funding structure and delivery timeline for their proposed $2.3bn ballpark and mixed-use development at Hillsborough College’s Dale Mabry Campus.
According to a Memorandum of Understanding released on Thursday, the franchise is seeking $1.065bn in public funding, alongside a significant private investment from the team itself.
Public–private funding split
Under the proposed structure, the Rays would contribute approximately $1.235bn, covering more than half of the total stadium cost as well as any potential overruns.
Of the requested public funding, $750m would come from Hillsborough County and $251m from the City of Tampa. The agreement states that the funds would be sourced from designated city and county revenues, and not from general taxpayer funds or new tax increases.
The broader mixed-use development surrounding the stadium would be fully privately financed.
Timeline targets for 2029 opening
The current lease at Tropicana Field expires in 2028, and the Rays aim to open the new stadium in time for the 2029 MLB season.
The Memorandum of Understanding requires all parties to finalise agreements by June 1 in order to meet a projected March 2029 completion date.
The new ballpark would be backed by a 35-year lease, with options for extensions of up to 15 additional years.
“Forever Home†vision
Rays CEO Ken Babby described the proposal as a long-term commitment to the region.
He said the agreement reflects “a responsible public-private partnership†and emphasised collaboration with local authorities, including Hillsborough County, the City of Tampa, and the Tampa Sports Authority.
Next steps in development
The project has already progressed through several early-stage milestones, including approval of land allocation by Florida authorities and initial design concepts shared earlier this year.
Officials will now continue refining the plan alongside local stakeholders as the proposal moves toward final approval and construction readiness.