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 former Tampa Greyhound Track is an option for a Rays stadium, according to Elliott Hornblass, whose firm, Hornrock, is a partner in the deal. The group, which also owns Derby Lane in St. Petersburg, purchased the 130-acre site in February.

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.