MLB’s Rays Land Ballpark Bond Deal to Remain in Tampa Bay

The Tampa Bay Rays took a big step toward securing their future in Florida as a county board approved borrowing for the team’s proposed new stadium, benefiting from a surprise twist after two officials who initially opposed the deal flipped their votes.

The Pinellas County Board of Commissioners voted late Tuesday to green light more than $300 million of bonds, a key part of the $1.37 billion project in St. Petersburg’s Historic Gas Plant District. The Major League Baseball team, led by financier Stu Sternberg, has agreed to contribute $700 million for the stadium and will be on the hook for all cost overruns.