Robert Kraft is one of the more well-known and well-respected NFL owners. Kraft helped build the New England Patriots dynasty, which brought six Super Bowl titles back to Foxboro, Massachusetts. The billionaire built his fortune in several ways, but one of his proudest achievements is turning the once bewildered franchise into a standard to which all other NFL teams are measured.
The architect of the New England dynasty has a storied football history, but that is only the tip of the iceberg for a man whose life and times are legendary and span over half a century.
Robert Kraft’s Impressive College Résumé
The future billionaire businessman began his impressive collegiate career at Columbia University, where he received an academic scholarship. During his time at Columbia, Kraft was class president and, more importantly, met his wife, Myra Hiatt.
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The couple married the same year that Kraft graduated from Columbia. He received his MBA from Harvard Business School two years later. At the young age of 27, the Newton Democratic City Committee named Kraft chairman. The future Patriots’ owner considered a life in politics but chose to enter the business world instead.
Building an Empire
Kraft began his impressive business life working for his father-in-law, Jacob Hiatt, at the Rand-Whitney Group. It wouldn’t be long before the fast riser would become the company’s owner. The future billionaire will always have a soft spot in his heart for his roots, as he still serves as the board president for the Rand-Whitney Group today.
Kraft wanted to expand his reach and hand a vision to begin a new company, International Forest Products. International Forest Products and the Rand-Whitney Group combined to become the largest privately held paper and packaging companies in the United States.
Kraft’s Career in Professional Sports
Many may not remember that Kraft’s first professional sports venture was not the New England Patriots. The paper product dynamo began his professional sports ventures about as far in the opposite direction as one could.
Alongside five others, Kraft purchased the Boston Lobsters of World Team Tennis. The concept behind the venture was to invest money to lure big-name players to the team. Initially, the plan worked. The new owners lured the likes of Martina Navratilova onto the team. Unfortunately, the venture was not as fruitful as future endeavors, and the franchise and league folded.
The billionaire businessman was a Patriots fan as far back as he could remember. Kraft has been a season ticket holder since 1971. Kraft knew he wanted to purchase the Patriots’ organization but would have to be strategic in maneuverability.
In 1985, Kraft purchased Foxboro Raceway, adjacent to Schaefer Stadium. Purchasing the raceway, Kraft prevented previous Patriots’ ownership, led by Billy Sullivan, from holding non-Patriot events at the stadium while races were taking place. Sullivan eventually sold his interest in the team while the stadium fell into bankruptcy.
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In 1988, Kraft purchased the stadium out of bankruptcy for $22 million. The stadium itself was in various stages of disrepair. Many viewed it as worthless, but it did come with a leasing agreement to the Patriots’ organization.
Kraft placed his first bid on the Patriots’ franchise but was outbid by Victor Kiam. Kiam wanted to move the team to Jacksonville, Florida, but Kraft would not allow them to break their lease. Kiam then sold the franchise to James Orthwein. Orthwein offered Kraft $75 million to buy out the lease, but the brilliant businessman turned him down.
Orthwein didn’t want to own a franchise based in New England, so he decided to sell the team outright. Interested buyers knew they would have to deal with Kraft, which made the franchise purchase less appealing. In 1994, Kraft offered $172 million to purchase the franchise, which Orthwein accepted.
The Patriots’ owner has gone on record saying he “overpaid” for the franchise and ‘broke every one of his financial rules’ in pursuit of the organization. A shrewd business move indeed.
2023 marks Kraft’s 30th year as the Patriots owner.
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