ST. PETERSBURG, Fla. -- The Tampa Bay Rays won't be building a stadium in Ybor City, at least not any time in the next few years.

On Tuesday, Rays principal owner Stu Sternberg announced the MLB franchise would not be able to finalize any plans to build a nearly $900 million stadium on the other side of the bay before the team's three-year window to find a new site expires in just weeks.

TIMELINE: Tampa Bay Rays' stadium saga

The announcement effectively locks the Rays into their lease at Tropicana Field. That one doesn't expire until 2027.

Sternberg listed issues of site control, political approvals, private investor commitments and overall costs as reasons why the plan to move to Ybor City was unsuccessful.

A 10News analysis in July found Hillsborough County was short on money while the Trop's home in Pinellas County had much more available revenue, largely because of its heavy beach traffic and fewer obligations to existing pro stadiums.

"We spent thousands of hours and many millions of dollars to make our vision of an Ybor ballpark a reality," Sternberg explained.

Despite the failed Ybor City stadium plan, Sternberg vowed to keep the Rays in the Tampa Bay area for decades to come.

Previous: Land isn't the problem in Rays' Stadium Saga; funding is

St. Petersburg Mayor Rick Kriseman in a statement said his administration will work with the Rays organization regarding any future plans in the city if asked.

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