The Tampa Bay Rays announced Thursday they will not be moving forward with an on-the-table deal for a new $1.3 billion stadium and surrounding redevelopment in St. Petersburg. The team was facing a March 31 deadline to meet a series of obligations, including providing proof of funds to cover their share of the project. The city of St. Pete and Pinellas County signed agreements and committed more than $600 million in public funding for the project. "After careful deliberation, we have concluded we cannot move forward with the new ballpark and development project at this moment. A series of events beginning in October that no one could have anticipated led this difficult decision," a statement from owner Stuart Sternberg posted on social media read. Since October, Rays team leaders have blamed Hurricane Milton's damage to Tropicana Field, loss of revenue, cost overruns and a delayed bond vote at the county level for souring the once sweet partnership. Local leaders don't view the fallout the same. “They were in line to get $700 million in public funds, and if you can't make that work in the stadium deal that you're going to be getting along with a very nice land deal---that's on you, that's not on the taxpayers," Pinellas County Commissioner Chris Latvala said. "The perceived delays that they complained about with the bonds had nothing to do with what they did today," Latvala added. St. Petersburg Mayor Ken Welch blasted the Rays decision during a press conference Thursday afternoon. "I have no interest in working with this ownership group," Welch said. "That bridge has been burned."