(Photo credit: Nathan Ray Seebeck-Imagn Images)

The Tampa Bay Rays announced Thursday they will not proceed with plans to develop a $1.3 billion ballpark in St. Petersburg, Fla.

'After careful deliberation, we have concluded we cannot move forward with the new ballpark and development project at this moment,' principal owner Stuart Sternberg said in a statement. 'A series of events beginning in October that no one could have anticipated led to this difficult decision.

'Our commitment to the vitality and success of the Rays organization is unwavering. We continue to focus on finding a ballpark solution that serves the best interests of our region, Major League Baseball, and our organization.'

The Rays announced their well-received plans last summer to build a new stadium in St. Petersburg's Historic Gas Plant District to replace the outdated Tropicana Field.

In October, Tropicana Field sustained major damage during Hurricane Milton, forcing the Rays to relocate to Tampa's Steinbrenner Field -- the New York Yankees' spring training site -- for the upcoming 2025 season.

Local officials had approved the sale of bonds to pay for their share of the new stadium. The Rays were facing a deadline of March 31 to meet conditions to gain public financing, including proof they could meet their minimum obligation of $700 million for the project.

That $700 million figure did not include cost overruns, an apparent sticking point for Sternberg and the team. The project already was running behind schedule, pushing back a planned 2028 opening for the 30,000-seat facility.

Sternberg said Thursday that St. Petersburg will move forward with its plans to restore Tropicana Field ahead of the 2026 campaign. Estimates to fix the storm-ravaged roof and other repairs to the 35-year-old stadium have been estimated at $55 million.

The Rays had Major League Baseball's third-lowest home attendance in 2024, averaging just 16,515 fans for 81 home games.

--Field Level Media