Hillsborough County Approves $796 Million Financing Plan for Tampa Bay Rays’ $2.3 Billion Stadium

County commissioners in Hillsborough voted 5-2 Friday to greenlight the financing arrangement that clears the path for construction of a new 31,000-seat ballpark as part of a broader mixed-use development. The county’s $796 million commitment follows Tampa’s city council approval Thursday evening, which allocated $80 million toward the $2.3 billion undertaking that will ultimately replace the Rays’ longtime home at Tropicana Field in St. Petersburg.

The proposed stadium will rise adjacent to Raymond James Stadium, home of the Tampa Bay Buccaneers, and is slated for completion by 2029. Ownership has pledged to contribute a minimum of $1.3 billion, with additional federal disaster recovery funding of $30 million providing further backing for the initiative. The Rays committed to cover any expenses exceeding the project’s budget.

Rays CEO Ken Babby characterized the county and municipal approvals as securing professional baseball’s permanence in the Tampa Bay market after years of uncertainty. The development will be built on land leased from Hillsborough College, with some campus buildings slated for renovation as part of the broader entertainment complex.

The organization has occupied Tropicana Field since its 1998 establishment, with limited exception. Following hurricane damage to the facility, the Rays temporarily relocated home games to George M. Steinbrenner Field, the Yankees’ spring training site, during 2025 before returning. The team’s current lease extends through at least 2028.

Ownership group leader Patrick Zalupski acknowledged the project’s extended timeline while emphasizing the regional significance of the decision. The vote represents a turning point after a proposed $1.3 billion redevelopment deal centered near the existing Tropicana Field facility collapsed last year.