TAMPA, Fla. — A group of investors who want to buy the Tampa Bay Rays would likely be willing to pay more than current value to obtain the team, according to Tampa attorney Carter McCain.

“I don't think it's out of the realm that someone will overpay for what the value is on paper,” he said. “I think this franchise has a lot of value in the Tampa Bay region.”

Forbes estimates the Tampa Bay Rays are worth $1.25 billion. McCain said he represents a group of mostly out-of-state investors who have been searching for a professional sports team to purchase for more than one year.

“Our group has been looking at professional sports franchises through the last 18 to 20 months,” he said. “We still are in discussions with some other organizations in additional sports, not just baseball.”

McCain’s group and another group led by Joe Molloy publicly signaled their interest in buying the Rays days before owner Stu Sternberg stated he was canceling his new $1.3 billion stadium deal, which was nearly half funded by the City of St. Petersburg and Pinellas County.

“We're not surprised that agreement was terminated,” said McCain. “I don't know if it was the right agreement anyway.”

Since that time, two more groups have reportedly emerged. One is led by Dex Imaging CEO Dan Doyle Jr. and the Orlando Dreamers. Despite four groups vying for the team, Rays President Matt Silverman said on WDAE-AM radio last week that it was “not for sale.”

“Well, there’s sure a lot of people talking,” said McCain. “The people we have talked with said they will listen and but it's their asset. They own it. They have the right to say it's not for sale.”

“It may not be for sale. We know that we're going to pay a lot of money, maybe more than the current team is worth on paper.”

McCain said if his group were able to purchase the team they would keep it in Pinellas or Hillsborough County and envision an entertainment complex surrounding the ballpark that would draw patrons all year. The attorney said the group has most of its funding in place and want to be primarily privately financed.

“We've got our part to the of the puzzle pretty well put together and financially committed,” he said. “We have not had any formal discussions with Mr. Sternberg or his current group. We've had discussions with people in baseball that have had those discussions. But we're letting the dust settle.”