Principal owner of the Tampa Bay Rays, Stuart Sternberg
Despite trading away right-hander Tyler Glasnow and outfielder Manuel Margot to the Dodgers last December to save money, the Rays are on track to reach a franchise record in payroll for the upcoming season. As reported by Marc Topkin of the Tampa Bay Times, principal owner Stuart Sternberg recently discussed the increased spending in Tampa and the team’s future payroll plans. Sternberg mentioned that the higher payroll for 2024 will result in actual financial losses for the club.
While it’s difficult to fully assess Sternberg’s statement due to limited public information about the Rays’ finances, it’s clear that the team’s payroll for 2024 is significantly higher than usual. RosterResource estimates the payroll at $99 million, while Cot’s Baseball Contracts predicts it to be just under $91 million. Either way, this represents a substantial increase compared to the $73 million payroll at the start of the 2023 season and the previous high of nearly $84 million.
Sternberg attributes his willingness to exceed past payroll limits to the team’s competitive window. The Rays have been consistently competitive in recent years, with a strong record and multiple playoff appearances, including a World Series appearance in 2020.
However, Sternberg also acknowledged that the increased payroll might not be sustainable. He expressed uncertainty about the team’s competitive window and hinted at the possibility of reducing payroll in 2025 if the team underperforms in 2024. This decision could affect key players, particularly those with high salaries like Yandy Diaz, Brandon Lowe, and Randy Arozarena.
Despite the team’s success on the field, Sternberg has additional incentives to maintain competitiveness. The Rays are pursuing plans for a new stadium, and increased attendance in recent years suggests growing fan support.
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