Tampa Bay Rays owner wrestles with uncertain future as stadium deadline looms: ‘I lose sleep over it. I’m trying.’

PALM BEACH — Tampa Bay’s MLB franchise was born in a conference room at the lavish Breakers hotel 30 years ago next month. Commissioner Bud Selig made the formal expansion announcement, and original owner Vince Naimoli proudly unveiled the Devil Rays jersey.

The future never looked so bright.

Current owner Stuart Sternberg stood in the lobby of the same historic resort late Wednesday afternoon during a break in the MLB owners meetings and acknowledged that his stewardship of the team, which is entering its 20th season, is at a critical juncture. There is uncertainty on several fronts, tied to the most significant: whether he decides the team will proceed with its deal to build a new stadium in downtown St. Petersburg or pull out by the March 31 deadline.

The future never looked so cloudy.

“Definitely,” Sternberg said. “I think that’s pretty clear. Which is why … I lose sleep over it. I’m trying. I know whatever decision I’ll make, I’ll be able to look in the mirror and put my head down on the pillow and know that I can live with myself with it.”

Among many potential solutions would be for Sternberg to sell the team and let a new owner decide the future path.

But as of now Sternberg said he is not looking to sell or actively engaged in any talks to do so.

“If it was (for sale), people would know it,” Sternberg said. “I’ve always been, and I will continue to be, pretty transparent about our intentions. And pretty — not pretty — but very honest about them. And I have been. That has not necessarily served us well for the last three to four months [in the stadium discourse] but that is who I am, and will continue that way.”

Speculation about Sternberg selling has grown as the stadium issue lingers, with rumors swirling about a potential local-based ownership group, or two. He said the increased “volume” of speculation was likely a result of recent — though since halted — efforts to add investors to his ownership group to raise money for the team’s $700 million share of the planned $1.3 billion stadium as part of a massive redevelopment of the Historic Gas Plant District.

Sternberg said those talks, to add investors and private equity, were paused as the stadium bond votes were delayed and could easily be rekindled if they get “a significant thumbs up” to go ahead with the deal.

“That’s the easy part of all this,” he said. “We were in discussions about that, and we had started down that road until the end of October-early November. And then we stopped all that.”

The Rays thrust the stadium deal into question by saying delays in approving the bonds to fund the city and county portions forced the team to push back the construction timeline to 2029 and incur significant additional cost of around $150 million that they “cannot absorb” alone.

Sternberg said Wednesday that they “keep waiting” to see what solutions are proposed.

And, more so, if they can still make the deal work from their perspective.

“Having the money and putting it in are two different things,” Sternberg said. “We can get ahold of the money — does it make any sense to do it? That’s really it.”

Though the stadium deal deadline is March 31 — three days after the Rays’ season opener — Sternberg said he may be in a position to discuss the situation in further detail during spring training, which begins this week in Port Charlotte.

“I’m not saying a decision or this or that, but I’ll be prepared coming out of this [meeting] and speaking to owners here,” he said. “There’s a lot that goes into it. … I don’t know what the rush is for anybody, or for us. If this is, in fact, a multi-generational decision, I don’t think anyone will care if it’s a date in January, February or March.”

As if uncertainty over the team’s long-term home wasn’t a big enough issue, the Rays also are waiting to see how the city’s plan unfolds to repair hurricane-damaged Tropicana Field for the start of the 2026 season, at an estimated cost of $56 million.