In a significant development for the Tampa Bay Rays, the Pinellas County Commission has approved the allocation of $312 million for the construction of a new stadium. This decision, marked by Commissioner Chris Latvala’s symbolic post of a Tropicana Field model, underscores a substantial financial commitment to the franchise’s future in the region.
Latvala expressed confidence in the stability of baseball in Tampa Bay, citing assurances from the MLB commissioner that relocation is not on the league’s agenda. However, moments after the vote, the Rays released a statement indicating financial concerns, noting the project’s escalating costs, which the team claims it cannot shoulder alone.
The agreement stipulates that the team is responsible for expenses exceeding the combined $600 million contribution from the city and county. This stance was mirrored by Pinellas County Board Chair Kathleen Peters, who, alongside St. Pete Mayor Ken Welch, emphasized that renegotiation is not an option if the Rays seek additional funds. Welch remarked on the team’s need to address any potential financial gaps independently, mentioning the existence of various solutions they could pursue.
The Rays’ owner, Stu Sternberg, has not publicly detailed his plans moving forward. The team attributes the rising costs to a two-month delay in bond approvals, arguing that this pause hindered contractor operations and impacted potential revenue due to prolonged absence from Tropicana Field, eventually delaying the stadium’s projected completion to 2029.
Despite the Rays’ insistence on collaborating to bridge the financial gap, trust issues linger between the involved parties. During discussions with a stadium expert, Commissioner Latvala questioned whether short delays could realistically lead to cost overruns of $100 million to $200 million, receiving a negative response.
There remains speculation on whether Sternberg might seek new investors. On the financial front, the Rays have met conditions to receive a $100 million loan from Major League Baseball. They face a March 31 deadline to comply with 13 deal conditions required to secure the bond money; failure to do so could nullify the agreement and affect their land control rights around the stadium.
The future of the Tampa Bay Rays’ new stadium remains uncertain despite the recent bond approval, with financial issues and growing mistrust between stakeholders posing significant challenges. The coming months will be critical as the team navigates these obstacles to secure the necessary funding and maintain its presence in the Tampa Bay area.
Source: Fox13news
