New England Patriots CEO Robert Kraft took ownership of the NFL team on January 21, 1994. He bought the Patriots for what was then a record-breaking sum of $172 million.
The Patriots hadn’t won a single Super Bowl title before Kraft took over. On the day of his purchase, the businessman pledged that a championship would arrive in New England.
Before Kraft became the Patriots‘ owner, there were rumors of New England losing its professional football team.
Previous Patriots owner James Orthwein was a St. Louis native, and the team was rumored to move there.
But Kraft contractually mandated the Patriots to remain in New England until 2002 to outmaneuver his rivals.
He was also willing to outspend his competition as the bidding war exceeded his anticipated expectations.
Today, the Patriots are valued at $7.4 billion and have six Super Bowl titles.
The latter part is all thanks to the magical partnership between Bill Belichick and an unknown star, Tom Brady.
The Forbes 2024 list ranked the Patriots as the sixth most valuable sports team globally and third in the NFL.
Since Tom Brady left after the 2019 season, the dark clouds have re-appeared in New England. There is a fear that the dynasty Robert Kraft created is slowly crumbling down.
In January 2024, the legendary Patriots coach, Bill Belichick, left the side, and a year later, his replacement, Jerod Mayo, was fired.
But Kraft, known for being a crafty man and a business tycoon, will certainly not let his prized possession fall apart.
Robert Kraft Became a Billionaire Through Sports and Business Ventures!
The Patriots CEO and business tycoon Robert Kraft has a net worth of $11.8 billion.
There are stories of how Kraft would sell newspapers outside the old Braves Stadium in Boston as a child.
It was probably a sign that Kraft’s first big bucks would come from the paper industry.
After graduating from Harvard Business School in 1965, Kraft began his career with the Rand-Whitney Group, a paper and packaging company owned by his father-in-law, Jacob Hiatt.
Robert married Jacob Hiatt’s daughter, Myra Hiatt, in 1963. Less than five years after their wedding, Kraft bought a 50% interest in the company from Mr. Hiatt and the rest of the company in 1972.
Robert Kraft later combined the Rand-Whitney Group with his new company, International Forest Products LLC.
After the merger of the two companies, Kraft’s company, which he named The Kraft Group, became the largest privately held paper and packaging company in the States.
The Kraft Group’s success in the paper and packaging industry pushed Robert to try his hands in other sectors.
Today, the Kraft Group focuses on construction and real estate development, private equity, and venture investing.
The Kraft Group owns Gillette Stadium, the Patriots’ home, and the New England Revolution, an MLS club.
Philanthropy and Serving the Community Remains a Focus for the Kraft Family!
The Kraft Group website states that the American billionaire and his company have donated more than $400 million to various causes.
Soon after buying the New England Patriots, Robert Kraft and his late wife, Myra, launched the New England Patriots Charitable Foundation.
Speaking to the New England Patriots website, Robert Kraft’s son, Josh Kraft, said,
We learned at an early age that we had a preety good life, so my family and their philanthropy, between my mother and my dad and brothers, was about providing access to opportunity for those who don’t have that access or support.
via: Patriots
The Patriots Foundation has supported thousands of local non-profits with missions providing family healthcare, fighting homelessness and hunger, and aiding the military and veterans.
Previously, the Kraft family established a permanent endowment to recruit, train, and retain future leaders in the community health center system.
The Kraft family gifts to Partners HealthCare have totaled $20 million.
They have also established a blood lab at the Dana-Farber Cancer Institute, which has become one of the world’s largest blood platelet collection centers and leading research facilities.
In Case You Didn’t Know
- Robert Kraft’s first wife, Myra Kraft, died in 2011 at the age of 68 after a battle with cancer. In 2022, Robert Kraft married Dr. Dana Blumberg after dating for five years.
- During Netflix’s The Greatest Roast of All Time, several comedians made fun of the Patriots legend, Tom Brady. He took many jokes in stride, but the quarterback took issue when comedian Jeff Ross poked fun at Robert Kraft’s arrest on charges of prostitution, a 2019 scandal.
