Report: Rays in advanced talks to sell to Jacksonville homebuilder for $1.7 billion

The Tampa Bay Rays are in talks to sell the team to a group of investors led by Jacksonville homebuilder Patrick Zalupski.

The team confirmed the talks Wednesday in a statement shortly after Sportico, a prominent online publication focused on the business of sports, published a story reporting Zalupski had signed a letter of intent to buy the team valuing it at $1.7 billion. (The Baltimore Orioles sold last year for $1.72 billion.)

The report cited multiple sources who asked not to be named because the details are private.