Rays’ $40M Offer to Walk Away Still Haunts St. Pete’s Tropicana Saga
St. Petersburg, FL – Late last year, the Tampa Bay Rays quietly offered the City of St. Petersburg $40 million to walk away from their Tropicana Field obligations. That figure, once dismissed by some as a rumor, is now back at the center of public debate as the collapse of the $1.3 billion stadium deal continues to reverberate through Pinellas County.
From Billion-Dollar Vision to Breakdown
The now-defunct stadium and Gas Plant District redevelopment plan was once touted as a transformative project for downtown St. Pete. But by March 2025, the Rays officially pulled out of the agreement with development partner Hines, citing escalating costs, hurricane-related delays, and financing hurdles. The withdrawal left the city scrambling to reassess its future with both the team and the 86-acre site the project would have reimagined.
The aftermath wasn’t just a failed development deal — it triggered heated questions about who should shoulder the burden of maintaining Tropicana Field, which had already shown its age.
The $40 Million Offer Resurfaces
As city leaders reviewed their options, Council Member Richie Floyd disclosed that the Rays had previously offered a $40 million payment to be released from their obligations to the stadium. That figure, pitched late in 2024, would have allowed the team to walk away completely rather than continue repairs or push for a new facility.
While the city didn’t accept the proposal at the time, its existence casts a long shadow over current decisions. Is $40 million even close to fair compensation for a franchise’s exit — especially after decades of public investment into Tropicana Field?
City Council Ends the Deal
By July 2025, the St. Petersburg City Council had unanimously voted to terminate the failed stadium and redevelopment agreement. The move effectively reset the city’s relationship with the Rays. Instead of a new stadium, the focus shifted to repairing Tropicana Field enough to keep it functional through at least 2026.
Repair costs, estimated at nearly $60 million, are already in motion, covering critical fixes like roof, lighting, and electrical upgrades. At the same time, the city secured a new licensing structure with the Rays: $400,000 in annual payments and partial control of surrounding parcels reverting to city ownership. This shift gives St. Pete unprecedented flexibility in reimagining the site.
A Turning Point for St. Pete
The fate of Tropicana Field now hinges on more than just sports. For many residents, the land represents opportunity — a chance to shape downtown’s next chapter without being tied to the demands of a major league team. Some envision affordable housing, green space, or mixed-use developments. Others mourn the lost chance to elevate St. Pete into a baseball destination rivaling larger markets.
The Rays’ $40 million exit offer, though nearly a year old, continues to spark controversy. For critics, it symbolizes corporate opportunism — a franchise offering what they see as a lowball figure to walk away from decades of public partnership. For pragmatists, it raises a tough question: is it better to take the money and move forward, or fight to keep a team that’s already halfway out the door?
What's Next?
The city’s immediate priority is finishing Trop repairs by spring 2026 to meet current commitments. But beyond that, the big questions remain unanswered. Will the Rays stay in St. Pete beyond 2027, relocate within the region, or leave Tampa Bay entirely? And will the $40 million figure resurface in future negotiations — or become a historical footnote in one of Florida’s most contentious stadium sagas?