Tampa Bay is once again at a crossroads over the future of the Tampa Bay Rays, and more specifically, how to finance the stadium that will define the region’s next generation of growth. The debate has become familiar: public dollars versus private gain, short-term deals versus long-term uncertainty. But what if the premise itself is wrong? What if the solution is not choosing who pays, but rethinking who owns?

The answer may lie in a new model: a publicly traded, regionally owned stadium entity that aligns the interests of the team, the public, and the broader economy. It’s not theoretical. It builds on proven strategies already working elsewhere, most notably in Atlanta.

At The Battery Atlanta, the Atlanta Braves paired their stadium with a mixed-use district that now draws millions of visitors annually far beyond game days. The adjacent development has generated substantial tax revenue, increased property values dramatically, and created a self-sustaining economic ecosystem. Importantly, much of that success comes not from the stadium itself, but from diversified revenue streams such as retail, offices, entertainment, and hospitality.

Even more telling is the structure behind it. Through Atlanta Braves Holdings, the team operates within a publicly traded framework that enhances transparency, allows for shared investment, and ties financial performance to real, measurable outcomes. Fans are not just spectators; they can be shareholders.

Tampa and Hillsborough can take this concept further and tailor it to local values.

Instead of relying heavily on contested funding sources like the Community Investment Tax (CIT), Tampa and Hillsborough in partnership with the Rays could establish a Tampa Bay Regional Stadium Entity (TBRSE): a publicly traded corporation that owns the stadium and its associated revenue streams. Under this model, Rays ownership would retain majority control of 51 percent, ensuring operational stability. But nearly half of the ownership would be opened to the public: residents, small businesses, and regional institutions through Private Investment in Public Equity (PIPE) and Initial Public Offering (IPO).

This is where the “win-win-win” becomes real.

First, it’s a win for the public. Rather than subsidizing a private facility with limited return, residents would have the opportunity to invest directly and benefit financially. Dividends and capital appreciation from naming rights, concerts, parking, and other non-baseball events would flow back to shareholders. Wealth generated in Tampa Bay would stay in Tampa Bay. Just as importantly, this model addresses a core concern voiced by leaders across Hillsborough County: that taxpayer dollars should prioritize infrastructure, not subsidize private enterprise.

Second, it’s a win for the Rays. The team gains a modern stadium embedded within a revenue-generating district, one that produces income regardless of on-field performance. It also builds a deeply invested fan base, not just emotionally, but economically. When residents are shareholders, they are more than fans, they are partners in long-term success.

Third, it’s a win for the city and county. By shifting public investment away from the stadium itself and toward infrastructure like transit, roads, stormwater systems, and public space improvements, the benefits extend far beyond a single site. These are the kinds of investments that improve daily life, support resilience, and unlock broader economic development. They align with the original intent of funding tools like the CIT and ensure that public dollars serve public priorities.

Critically, this approach also reduces risk. Traditional stadium deals often leave taxpayers exposed to cost overruns, maintenance burdens, and uncertain returns. Under the TBRSE model, private ownership assumes responsibility for construction overruns and major capital improvements, while dedicated revenue streams, like modest ticket surcharges and parking income, fund long-term maintenance reserves. The result is a financially sustainable system that avoids the boom-and-bust cycles seen in other cities.

Transparency is another key advantage. As a publicly traded entity, TBRSE would be subject to regulatory oversight, financial disclosures, and stakeholder accountability. This directly addresses longstanding concerns about opaque stadium deals and backroom negotiations. The public wouldn’t just be asked to trust the numbers; they could see them.

Of course, no model is without challenges. Establishing a stadium ownership structure requires careful legal and financial planning. Market conditions must support a public offering. And regional cooperation across city and county lines will be essential. But these are solvable problems. What’s more difficult to justify is continuing down a path that has repeatedly produced division, skepticism, and limited public return.

Tampa has a chance to lead. Not by rejecting the Rays or resisting growth, but by redefining how growth happens and who benefits from it.

A publicly traded, regionally owned stadium is more than a financing mechanism. It’s a statement about what kind of region we want to be: one that values transparency over opacity, partnership over subsidy, and shared prosperity over zero-sum debates.

This is not just about baseball. It’s about building a model where civic ambition and economic reality finally align.

That’s the win for the taxpayers.
That’s the win for the Rays.
And that’s the win for Tampa Bay.