NEW YORK (AP) -- A group led by Florida-based real estate developer Patrick Zalupski closed on its purchase of the Tampa Bay Rays on Tuesday, finalizing the sale of the team from former owner Stuart Sternberg.

Major League Baseball owners unanimously approved the transaction last week. The price was not disclosed.

"It's an incredible honor to become the stewards of the Tampa Bay Rays, a franchise with a proud history and a bright future," Zalupski said in a statement. "We're all energized by the responsibility to serve Rays fans everywhere and this great game. ... We will work hard to earn the respect and confidence of our fans and new MLB partners, and we are excited about the upcoming challenge to deliver a world-class experience on and off the field."

Zalupski's group, which also includes Bill Cosgrove and Ken Babby, is expected to restart the search for a new ballpark. The Rays in March withdrew from a $1.3 billion project to construct a new ballpark adjacent to Tropicana Field in St. Petersburg, citing a hurricane and delays that likely drove up the proposal's cost.

"Major League Baseball is pleased to welcome Patrick and his partners to the ownership ranks," Commissioner Rob Manfred said. "Their collective experience and passion for the game will serve the Rays well as they enter this exciting new chapter."

Sternberg took control of the team from founding owner Vince Naimoli in November 2005 and rebranded it the Rays from the Devil Rays after the 2007 season. The Rays won AL East titles in 2008, 2010, 2020 and 2021 and twice reached the World Series, losing to Philadelphia in 2008 and to the Los Angeles Dodgers in 2020.

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