Robert Kraft, a Massachusetts-born businessman, is widely known as the primary holder of the New England Patriots, the New England Revolution, and Gillette Stadium. However, there is a popular misconception that he earned his fortune from Kraft Foods, the grocery manufacturing conglomerate. This misconception is completely false. In fact, Robert Kraft has absolutely no connection to Kraft Foods.
Robert Kraft’s net worth is estimated to be around $11 billion, and he earned his fortune as Chairman and CEO of The Kraft Group. The Kraft Group holds assets in various industries, ranging from paper to real estate. Kraft’s success can be attributed to his astute business acumen and strategic investments.
Born on June 5, 1941, in Brookline, Massachusetts, Robert Kraft grew up in a Modern Orthodox Jewish working-class family. He attended Brookline High School, where he was senior class president, and later went on to study at Columbia University. After graduating from Columbia in 1963, Kraft pursued his MBA at Harvard and graduated in 1965.
Does Robert Kraft own 100% of the Patriots?
Kraft also had interests in the media sector. He was an investor in New England Television Corp., which acquired WNAC-TV in 1982. Kraft became a member of the board of directors and eventually became the president of the corporation in 1986. In 1991, he sold his shares for $25 million. Kraft also acquired several Boston radio stations during this time.
However, it is his ownership of the New England Patriots that has brought him the most recognition. Kraft has been a fan of the Patriots since their American Football League days and became a season ticket holder in 1971. His journey to owning the team began in 1985 when he bought land next to the Patriots’ stadium. In 1988, he outbid competitors to purchase the stadium itself, which was in bankruptcy court at the time. As part of the purchase, Kraft also acquired the stadium’s lease to the Patriots.
At that time, there were rumors that the Patriots might relocate to St. Louis. James Orthwein, then-owner of the team, wanted to bring an NFL franchise back to his hometown. He offered Kraft $75 million in 1994 to buy out the remaining years on the stadium’s lease agreement. However, Kraft saw an opportunity and made a counter bid of $175 million to purchase the Patriots outright. This was a record-breaking amount for an NFL team at the time.
This bold move by Kraft paid off immensely. Since acquiring the team, the Patriots have won six Super Bowl titles in ten appearances. Under Kraft’s ownership, they have become one of the most successful and valuable franchises in the league.
