The more Stu Sternberg talks about Rays stadium, the less sense he makes

Tampa Bay Rays owner Stuart Sternberg opened his mouth and some words fell out on Friday. As dutifully transcribed by the Rays-friendliest journalist on earth, the Tampa Bay Times’ Marc Topkin, Sternberg said he’s “highly optimistic” about getting a stadium deal done by the end of the year that would — actually, let’s do this as an annotation:

Rays principal owner Stuart Sternberg said Friday the team is willing to pay more than half of the cost of a proposed new $1.2 billion St. Petersburg stadium, and he is “highly optimistic” about getting a deal done by year’s end.

Well, isn’t that nice! Sternberg has actually been talking about going halfsies for months now, but it sounds like the total stadium price tag has risen from $1-billion-ish to $1.2-billion-ish, meaning the public would have to kick in an additional $100 million. But at least Sternberg has agreed to match that out of his own pock—

With a commitment to potentially exceed $600 million for the domed stadium near the current Tropicana Field site, Sternberg said the Rays have been actively seeking investors to provide some of that cash in exchange for a share in the team.

Well, that’s weird. The Rays are worth an estimated (by Forbes) $1.25 billion, though a hedge fund goon is reportedly (by Forbes) looking to buy the team for $1.85 billion; either way, Sternberg, who reportedly owns 85% of the team, would have to give up a major chunk of that to raise anything close to $600 million. And then would the resulting cash into the stadium, or have the team do so, meaning the new owners would be on the hook for part of the $600 million? There’s a lot that Topkin doesn’t ask him here, but then, that’s Topkin’s M.O.

The process has led to numerous inquiries about selling the entire team. While saying “it’s not my intent to sell” and he expects to remain owner, Sternberg said he is willing to at least listen…

“I think you could say I’m open to selling the team,” he said, “but I’ve always been open to selling the team.”…

“We’ve always maintained that it’s not for sale,” Sternberg said. Still, he tells interested parties, “if you want to make an offer, I always listen.”

These are very much the kind of thing you say when someone is reportedly thinking of offering $1.85 billion for your $1.25 billion property.

Sternberg said the Rays make it clear to any inquiring party that if the new stadium deal is completed, the team is staying put. But he said if there is no agreement for a new stadium, he would sell the team and expect the new owners to move it out of the Tampa Bay area after the 2027 expiration of the Tropicana Field lease.

“If I can’t get something done here, the best buyer will be somebody from somewhere else, and the team will be sold,” he said. “I will not be moving the team. I’ve always been clear on that.”

This is one of the stronger move non-threat threats that Sternberg has dropped, though he didn’t make clear (and again, Topkin didn’t ask him) how it is that he thinks he can find “investors” for a new St. Petersburg stadium but any “buyer” would necessarily move the team out of state. Also, speaking of that whole “not moving the team” thing, Stu, didn’t you…

(He noted that he viewed the previously considered controversial plan to have the team split games between Tampa Bay and Montreal, during which it also sought to raise capital to pay stadium costs, as a way to keep it based locally.)

Uh, yeah, sure. So by “not moving the team” he means “not moving all the team’s games,” that is totally the way humans speak English, yup.

So anyway, how are things going with those talks on getting St. Petersburg to cough up $600 million?

“Things are moving forward,” he said. “Nothing ever goes completely forward in a straight line. You get from here to there, you have setbacks and all. But I think we’re moving along at a very nice pace. And I feel pretty good about where we stand.”

As those talks (which include the global Hines Co. developer) proceed, Sternberg said the Rays continue to talk at some level with Tampa representatives about the potential for a stadium there. However, that seems increasingly unlikely given the lack of action so far.

“We stay in contact with them,” he said, “and we’ll keep it at that.”

“Things are moving forward” is very much the kind of thing you say to passengers when the plane you’re piloting has been sitting waiting for a runway for three hours, and “nothing ever goes completely forward in a straight line” is for when things are not moving forward, at least temporarily. But maybe Sternberg has just adopted a principle of radical candor, it’s always possible!

So, to recap: The Rays owner still wants the public to pay for half of his new stadium, which just went up in cost by $200 million, and still doesn’t know where he’d get his half, and vows he won’t move the team but a new owner might, but don’t worry he’s not selling the whole team, only part of it, unless he does sell the whole team, and anyway things are moving forward, forward is good! This has all been a very good use of valuable news coverage, thank you, Tampa Bay Times for your service.