Tampa Bay Rays principal owner Stuart Sternberg has reached an agreement in principle to sell the Major League Baseball franchise to a group headed by Jacksonville home-builder Patrick Zalupski for roughly $1.7 billion, according to The Athletic and other outlets. A letter of intent was signed on 18 June, and the parties entered exclusive negotiations before striking the tentative deal on 14 July. The transaction still requires approval from three-quarters of MLB club owners and could be completed as soon as September. Zalupski’s consortium also includes Union Home Mortgage Chief Executive Bill Cosgrove and minor-league baseball owner Ken Babby. People familiar with the talks say the prospective owners intend to keep the team in the Tampa Bay region, with a strong preference for moving games to Tampa rather than remaining in St. Petersburg. The Rays are playing this season at George M. Steinbrenner Field while storm-related repairs continue on Tropicana Field’s roof, underscoring the club’s long-running stadium dilemma. Sternberg acquired the franchise for $200 million in 2004. A $1.7 billion sale would mark an eight-fold gain and place the small-market club among the more richly valued teams in baseball despite years of the league’s lowest payrolls and unresolved ballpark plans.