Hedge Fund Founder Looks to Buy MLB Team

Gullane Capital Partners founder, Trip Miller, would like to be the next owner of the Tampa Bay Rays. Miller is gathering a group of investors in an attempt to purchase the team for $1.85 billion. He is hoping to invest $200 million, with additional investments coming from Tampa businessman Dan Doyle. Current principal owner of the Rays is Stuart Sternberg, who purchased the team for $200 million back in 2004.

According to Forbes, the Tampa baseball team is valued at $1.25 billion, which places it as 25th out of the 30 MLB teams. Their poor standing is largely due to their homefield, Tropicana Field, which is widely considered to have poor stadium economics. In 2022 the Rays earned less than $9 million from premium seating, and they averaged only 14,000 in home attendance, beating out only 2 other teams in the MLB.

Despite their poor attendance record, the Rays are known for their effective scouting and player development, which accounts for their 50-22 record despite having the fourth lowest payroll in major league baseball. If Miller successfully purchases the team, he will be tasked with building a new stadium in the near future, while continuing the team’s tradition of outperforming its payroll.

Published by James Heinsman

James has worked as a hedge fund manager for years. As someone who has always enjoyed multi-tasking, James brings his vast financial experience and his hedge fund background to his position as writer and editor for Hedge Crunch. Editor James Heinsman can be contacted at james(at)hedgecrunch.com.