Robert Kraft is a prominent American businessman. Kraft was born in Brookline, Massachusetts, on June 5, 1941. He has had massive success as an entrepreneur, which catapulted him to the limelight. His success can be attributed to The Kraft Group, where he serves as the Chairman and Chief Executive Officer.
The company is a holding firm with assets in various industries. Some sectors the company has invested in include entertainment, sports, paper and packaging, a private equity portfolio, and real estate ventures.
His most notable investments are two world-known sports franchises. One is the New England Patriots, which participates in the National Football League and the New England Revolution, which plays in the Major League Soccer competition. Moreover, he also owns the Gillette Stadium, which hosts both teams in their respective games.
Patriots Ownership
From their early American Football League days, Robert Kraft has been a keen fan of the Patriots. He always purchases season-long tickets since he started supporting the team. This has been a custom to him since 1971 when the team had just relocated to Schaefer Stadium, which hosted them then.
His first step in owning the team was purchasing the land next to the stadium. The move would be a rolling stone that would finish with him getting full ownership. In 1988, he beat several other bidders to the stadium’s buyout from a bankruptcy court. The deal was worth $25 million and involved Billy Sullivan.
James Orthwein bought the Patriots in 1992 before offering Kraft a $75 million buyout in 1994. However, Kraft countered it with a $175 million outright purchase, levering it with the stadium lease to get full ownership.
About Robert Kraft
Kraft studied at Columbia University before attending Harvard Business School for his master’s in business administration. He is the founder and CEO of the Kraft Group, which has various business ventures. Kraft is also involved in numerous charity activities in healthcare, education, and women and children issues. See related link to learn more.
More about Kraft on https://www.forbes.com/profile/robert-kraft/