The New England Patriots are currently valued at $7.31 billion, making them the fourth-most valuable franchise in the NFL behind only the Dallas Cowboys ($10.32 billion), Los Angeles Rams ($7.79 billion), and New York Giants ($7.65 billion).
As the owner of the New England Patriots, Kraft has played a pivotal role in the NFL’s rise to global prominence. Born in Brookline, Massachusetts, in 1941, Kraft built his fortune through the packaging industry before transitioning into sports. Kraft is known for his charitable donations and lavish lifestyle, which includes high-profile social circles and luxury real estate.
How did Kraft accumulate his wealth, and what is his net worth?
How Did Robert Kraft Get Rich?
The Patriots owner and longtime businessman has an estimated net worth of $11.8 billion. Kraft is currently estimated to be the 188th wealthiest person in the world.
How did he earn his massive fortune?
He began his career by acquiring a controlling interest in Rand-Whitney Group, a packaging company, which laid the foundation for his success.
Before buying the Patriots for $172 million in January 1994, he dove straight into the business world after graduating from Columbia University. He began in the paper trade and manufacturing business through one of his first ventures — International Forest Products — which was launched in 1972.
That venture specialized in paper and packaging, which eventually got Kraft and the company to become involved in global trade.
Kraft made several investments that worked out well. After forming the Kraft Group in 1998, he invested in the broadcast realm by becoming an investor in the New England Television Corp.
Through this investment, he was able to help launch WNEV-TV, which later became the independent TV station WHDH in New England.
In addition to owning the Patriots, Kraft owns the New England Revolution in the MLS. In 2017, he got involved in the world of professional gaming, launching a Boston franchise in the Overwatch esports league.
Still, the NFL world knows him as the man at the forefront of the Patriots’ 2000s dynasty that witnessed six Super Bowl titles and a dominant run in the AFC East. Without one bold move in Kraft’s past, all of that likely wouldn’t have been possible…
How Kraft Positioned Himself To Buy the Patriots
Near the Patriots’ old home venue of Schaefer Stadium, a raceway sat adjacent to the football venue.
Billy Sullivan owned the stadium and the Patriots, but the raceway was unpurchased. That’s when Kraft swooped in and claimed the land.
Kraft bought a 10-year option for the former Foxboro Raceway (now known as Bay State Raceway) in 1985. By purchasing the horse track, Sullivan was unable to hold non-Patriots events at Schaefer while races took place. For Kraft, this purchase meant taking advantage of the land surrounding Schaefer Stadium, which was not owned by Sullivan.
That bold move eventually positioned Kraft to one day make a bid for the team he watched for several years as a season ticket holder.
Sullivan was eventually forced to sell the Patriots after a series of bad investments. His most notorious financial failure was the botched 1984 Victory Tour by The Jackson 5, which he and his father helped fund and promote.
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Kraft has since turned New England into an iconic sports brand armed with an NFL record-tying six championships alongside the Pittsburgh Steelers.
The 82-year-old has a history of wise investments and bold moves, and he’ll always be remembered as the owner who helmed the Patriots’ dynasty.