A group led by a hedge fund founder is in talks to acquire the Tampa Bay Rays. The team revealed on Wednesday that they are negotiating exclusively with this group about a potential sale.
Trip Miller, who established Gullane Capital LLC, oversees financial management for both private and public institutions. When speaking with News Channel 8, Miller shared his aspirations for the team.
“Similar to what the Atlanta Braves have achieved with their development around the stadium, we believe that could serve as an excellent template for the Tampa area, leveraging the right public-private partnership,” Miller explained. “We’ve looked into several promising sites in Tampa, and if our bid is successful, we’ll adopt a carefully considered strategy over several months. Although a definitive plan may take time, we aim to find the optimal financing solution for a comprehensive development project.”
Miller said there are three steps in his process. The first is acquiring the ball club. Then building the stadium and developing the area around it to engage fans year-round. He said it should be what the Tampa Bay area deserves.
News Channel 8 On Your Side also asked if Miller acquired the team, would he be willing to revisit plans for Tropicana Field and the Historic Gas Plant district in St. Petersburg.
“Absolutely. I think that a thoughtful buyer of this asset will look at all options, including where they are right now,” Miller said.
Pinellas County and the City of St. Pete have started looking ahead. The city development administrator sent an email Wednesday informing council members about a study for a potential convention center located on the Historic Gas Plant site.
The study would evaluate the demand for convention and meeting space, and how it would support tourism and economic development.
Ron Diner, who started “No Home Run” to oppose the now dead Rays Hines deal, said the city should slow down because the team has three more years at the Trop.
“Convention center? Maybe. We’re way ahead of the game thinking about it. And number two, it can’t be that big, let the private sector build a hotel and convention center. Let’s not do what we did once before, build it and they will come, and then we get stuck with a big loser,” Diner said.
Diner said the county and city should consider bringing in outside consultants to lay out the property and decide what would be best to put there.
City council would review and consider the study when it’s finalized.
Meanwhile, Miller said he has a cash offer for the Rays with no financing contingencies, and no debt in the offer. He said he looks forward to hearing back from the team.
“I think we want to create something there that’s been missing, which is a true feel of community. And again, as I talked about earlier, a true public-private partnership,” Miller said.
Miller said hopefully a transaction will happen for a buyer this year, and said at this point he hopes to hear back from the Rays once their period with the other group expires.
