The Tampa Bay Rays have secured approval for a $2.3 billion stadium project, a significant step toward building a new ballpark set to open in 2029. The Hillsborough County Commission voted 5-2 on Friday to approve its $796 million share of the funding for the mixed-use entertainment district, which will include a new 31,000-seat stadium.

This county approval follows a Thursday vote by the Tampa City Council, which approved its portion of $80 million. The Rays' new stadium is planned to be located near Raymond James Stadium, the home of the NFL's Tampa Bay Buccaneers.

Rays CEO Ken Babby stated that the team's collaboration with the county and city ensures the long-term presence of Major League Baseball in the Tampa Bay area. "By making the Forever Home a reality, the Rays are now home forever in Tampa Bay," Babby said. The team has committed to contributing at least $1.3 billion towards the project, covering any cost overruns. An additional $30 million is expected from federal disaster recovery funds.

The team's ownership had previously reached an agreement with Hillsborough College to build the stadium and entertainment district on the college's campus, including renovations to some of the school's existing buildings. The proposed site is situated adjacent to the New York Yankees' spring training facility and across a highway from the NFL stadium.

Since their inception in 1998, the Rays have played their home games at Tropicana Field in St. Petersburg. However, due to hurricane damage at Tropicana Field, the team temporarily moved some home games to the Yankees' George M. Steinbrenner Field in 2025. The Rays' lease agreement at Tropicana Field extends through at least the 2028 season, and the team returned to Tropicana Field for the start of the current season.

Last year, a proposed $1.3 billion redevelopment deal for a new ballpark adjacent to Tropicana Field did not materialize, leading to renewed uncertainty about the team's future. The team was acquired by Patrick Zalupski's ownership group in September of the previous year.

"Today’s vote represents an extraordinary milestone, not simply for the Rays or for a ballpark, but for the future of Tampa and the entire Tampa Bay region," said Zalupski, acknowledging the challenging process. The new stadium is anticipated to open in 2029.