The Tampa Bay Rays, citing hurricanes and costly delays, will not proceed with the development of a $1.3 billion baseball stadium in St. Petersburg, Florida, principal owner Stuart Sternberg said Thursday.

"After careful deliberation, we have concluded we cannot move forward with the new ballpark and development project at this moment," Sternberg said in a statement. "A series of events beginning in October that no one could have anticipated led to this difficult decision.

"Our commitment to the vitality and success of the Rays organization is unwavering. We continue to focus on finding a ballpark solution that serves the best interests of our region, Major League Baseball, and our organization."

Under their current contract with the city of St. Petersburg, the Rays would play three more seasons at Tropicana Field after it is repaired from significant damage sustained in October -- when the roof was shredded during Hurricane Milton -- rendering the stadium unplayable in 2025.

Beyond that, the team's future in the Tampa Bay area is uncertain.

"Major League Baseball remains committed to finding a permanent home for the club in the Tampa Bay region for their fans and the local community," MLB said in a statement. "Commissioner [Rob] Manfred understands the disappointment of the St. Petersburg community from today's announcement, but he will continue to work with elected officials, community leaders, and Rays officials to secure the club's future in the Tampa Bay region."

The proposal to build the 30,000-seat stadium to replace outdated Tropicana Field as the signature piece in a $6.5 billion revitalization of the Historic Gas Plant District was met with excitement last summer when the team and public officials announced the deal.

Local government agencies had approved the sale of bonds to pay their share, but the Rays had until March 31 to meet specific conditions to gain public financing, including showing proof that they could meet their minimum $700 million obligation -- not including likely cost overruns -- toward the project.

Financing delays, however, led to Sternberg's decision to not proceed.

St. Petersburg Mayor Ken Welch, a driving force behind what was dubbed the "Here To Stay" initiative aimed at keeping the Rays in the city for another 30 years, said the decision was disappointing but "it is not unexpected." It is also possible the Rays could be sold, he noted.

"If in the coming months a new owner, who demonstrates a commitment to honoring their agreements and our community priorities emerges, we will consider a partnership to keep baseball in St. Pete. But we will not put our city's progress on hold as we await a collaborative and community-focused baseball partner," Welch said.

The Rays will use the New York Yankees' spring training site in Tampa as their home field this season, and Sternberg said Thursday that the City of St. Petersburg is advancing on plans to restore Tropicana Field in time for the 2026 season.

"We are thankful for their efforts and are excited to return to our home field next spring," Sternberg said.

The Rays, who have played at Tropicana Field since their inaugural 1998 season, averaged 16,515 fans in 81 home games last season -- third worst in Major League Baseball.

MLB and the Rays could evaluate attendance and fan interest during the team's season in Tampa at Steinbrenner Field -- which seats 11,000 -- as they consider alternate sites.

"The opportunity to play on the Tampa side could give insights into the Tampa Bay market as a whole that could be useful for the club moving forward," Manfred said during a Wednesday interview with The Associated Press.

The Associated Press and Field Level Media contributed to this report.