The Major League Baseball team, led by financier Stu Sternberg, has agreed to contribute $700 million for the stadium and will be on the hook for all cost overruns.

CLEARWATER — The Pinellas County Commission approved bonds to pay for a new Tampa Bay Rays stadium late Tuesday, putting pressure on the team to hold up its end of the deal it signed onto over the summer.

A $1.3 billion deal was ratified in July to fund a new stadium for the Rays, though two hurricanes in October made the Rays’ Tropicana Field venue unplayable. And it forced the Pinellas County commissioners to delay the vote on approving the bonds.