A Jacksonville group led by billionaire Patrick Zalupski have agreed to buy the Rays for an estimated price of $1.7 billion, according to The Athletic. The deal is expected to be finalized by September after negotiations took place over the past weeks. The Rays' principal owner, Stu Sternberg, bought the franchise in 2004 for $200 million.

The Tampa Bay Rays will be sold to developer Patrick Zalupski and his group for approximately $1.7 billion, with the sale possibly finalized before the end of the current season, The Athletic reported Monday. Zalupski, from Jacksonville, is not expected to move the team from the region.

A deal to sell the Tampa Bay Rays to a developer in Jacksonville is in the works. Sources said Stu Sternberg has a deal in principle to sell the team to Patrick Zalupski for $1.7 billion.