The Tampa Bay Rays are backing out of a deal to build a new $1.37 billion stadium in St. Petersburg, Florida, the team announced on Thursday. The Major League Baseball team was expected to partner with the city and Pinellas County to build a ballpark under an agreement struck late last year.

The Tampa Bay Rays on Thursday withdrew from a $1.3 billion ballpark project, citing hurricanes and delays that likely will drive up the proposal's cost. The team issued a statement by principal owner Stuart Sternberg saying that "a series of events" in October,

Rays owner Stuart Sternberg said the team intends to work out a solution that satisfies the Tampa-St. Petersburg region, MLB and the team.