Rays Stadium Deal Faces Significant Funding Gap as Negotiations Continue

Hillsborough County and Tampa Bay Rays make progress but still have major issues to resolve over revenue projections, lease length, and potential drops in proposed sales tax funding.

Apr. 16, 2026 at 11:21pm

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A minimalist, photorealistic studio still life featuring a collection of premium, polished geometric objects arranged elegantly on a clean, monochromatic background, conceptually representing the abstract financial concepts at the heart of the Rays stadium deal negotiations.An abstract visual representation of the complex financial negotiations surrounding the proposed Rays stadium deal in Hillsborough County.Today in Tampa

Negotiators for Hillsborough County and the Tampa Bay Rays have made progress towards a deal to build a $2.3 billion stadium and surrounding development, but 'significant' funding gaps remain. County officials said the two sides are not yet ready to finalize an agreement, with concerns over revenue projections, the length of the lease, and potential drops in proposed sales tax funding.

Why it matters

This potential deal represents one of the highest-stakes economic development projects in Hillsborough County and Tampa history, with the promise of generating $475 billion in economic activity and 9,400 jobs. However, county leaders are cautious about committing taxpayer funds without assurances the project will deliver the promised benefits.

The details

The proposed project would build a $2.3 billion stadium for the Tampa Bay Rays just west of Dale Mabry Highway, along with a surrounding 100-acre development featuring a new campus for Hillsborough College, restaurants, stores, and offices. The Rays have identified four funding sources they want the county to contribute to, including sales taxes, tourist taxes, property taxes from a CRA, and federal grant money. But county negotiators say there is still a $75 million gap, which they acknowledge is only 7% short of the total objective.

  • The Rays want the two sides to have a deal by the first week of May so it can be voted on by the Rays' June 1 deadline.
  • The city of Tampa will hold its own workshop on May 5 to feature public comment on the proposal.
  • Hillsborough County could schedule additional public hearings as the negotiations continue.

The players

Hillsborough County

The local government entity negotiating with the Tampa Bay Rays on the stadium and development deal.

Tampa Bay Rays

The Major League Baseball team seeking to build a new $2.3 billion stadium and surrounding development in Hillsborough County.

Ken Hagan

The Hillsborough County Commissioner who is the chief backer of the Rays stadium project.

Ken Babby

The CEO of the Tampa Bay Rays, who wrote to county commissioners about the team's timeline and funding constraints.

Bonnie Wise

The Hillsborough County Administrator who said the project represents a 'rare' economic development opportunity.

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What they’re saying

“The deadlines we have set are driven by practical constraints, not pressure tactics. Failure to meet these timelines risks the loss of critical state funding for Hillsborough College, which would render the deal economically infeasible. In addition, missing the 2029 construction timeline would materially increase costs and invalidate the proposed budget.”

— Ken Babby, Rays CEO

“I would love to be able to vote yes on this, but I can only vote yes on it if I'm absolutely convinced that it's the right thing for the community and for the taxpayers.”

— Harry Cohen, Hillsborough County Commissioner

“An opportunity of this magnitude is rare. It is potentially significant and warrants this board's thoughtful consideration and careful evaluation.”

— Bonnie Wise, Hillsborough County Administrator

What’s next

The Rays want the two sides to have a deal by the first week of May so that it can be voted on by the Rays' June 1 deadline. The city of Tampa will hold its own workshop on May 5, which will feature public comment. Hillsborough County could schedule additional public hearings as the negotiations continue.

The takeaway

This high-stakes deal represents a major economic development opportunity for Hillsborough County, but county leaders are proceeding cautiously to ensure taxpayer funds are protected and the promised benefits are delivered. Resolving the significant remaining funding gap and addressing concerns over revenue projections and the project's long-term viability will be critical before any final agreement is reached.