A Jacksonville-based billionaire has been given the green light to move forward with the purchase of the Tampa Bay Rays, according to the Tampa Bay Times.

On Monday, MLB Commissioner Rob Manfred told the news outlet that a group led by Dream Finders Homes CEO Patrick Zalupski was unanimously approved by team owners to purchase the Rays for about $1.7 billion.

The purchasing group also includes Ken Babby, who owns two Minor League Baseball teams, including the Jacksonville Jumbo Shrimp.

The Tampa Bay Times added that current owner Stuart Sternberg and his partners will retain a 10% stake in the team. Sternberg bought the Rays in 2004 for about $200 million.

The news, which was expected after reports came out in June that Zalupski signed a letter of intent to purchase the team, comes at

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