Rays’ top leadership steps down ahead of team sale as real estate developer readies takeover

With the Tampa Bay Rays on the verge of being sold to a group led by Jacksonville real estate developer Patrick Zalupski, team presidents Matt Silverman and Brian Auld are stepping down from their posts, the Rays announced Wednesday. The reported $1.7 billion sale is expected to close in two weeks.

Silverman, who has been with the Rays for more than two decades, will remain with the club on an advisory board once the new ownership group takes control of the team.

“It has been one of the greatest joys of my life to serve the Rays and help make a lasting impact on the Tampa Bay region,” Silverman said in a statement. “What makes me proudest is seeing how the Rays have become woven into the region’s identity, with a true generational fan base taking shape. Children who once came to games are now bringing their own families, and that sense of connection will continue to grow for decades to come. Under (owner Stu Sternberg’s) leadership, we have fulfilled our mission to energize the community through the magic of Rays baseball. I leave with deep gratitude for our players, staff, and supporters, and with great excitement for all that lies ahead for the Rays and for Tampa Bay.” 

Auld will remain with the team as a senior advisor to ownership during the transition following the sale and beyond.  

“This organization has never only been about the wins and losses, it’s been about heart, purpose, and community,” Auld said in a statement. “I’m deeply proud of all we’ve built together, and that pride comes from sharing this journey with some of the most dedicated, talented, and creative people I’ve ever known. As I prepare to step down as president, I’m thankful to remain part of the Rays as a senior advisor, continuing to support the incredible team that makes this place so special.”

No announcement regarding the future of president of baseball operations Erik Neander, as well as a small army of assistant general managers, was made Wednesday. Neander replaced Silverman as the club’s top baseball operations executive when Silverman was elevated to team president in 2017. Neander started with the club as an intern in 2007.

Zalupski is founder and CEO of Dream Finders Homes. The company is valued at $3.4 billion and his net worth is $1.4 billion, per Forbes. Earlier this year, Forbes valued the Rays at $1.35 billion, second lowest among the 30 MLB teams. Franchise valuation is not the same thing as sale price, though it is a decent guidepost.

Damage to Tropicana Field from Hurricane Milton has forced the Rays to play their home games at George M. Steinbrenner Field, spring training home of the New York Yankees, this season. The Trop is undergoing repairs and is expected to be ready in time for the 2026 season.

The Rays are 73-78 this season and will soon be officially eliminated from postseason contention. After going 80-82 a year ago, the Rays are in position to have back-to-back losing seasons for the first time since having four straight from 2014-17.