Robert Kraft is the Chief Executive Officer of the New England Patriots. He is also a co-owner and the majority owner of the team. Kraft has been working with the Patriots since 1975, when he purchased a minority ownership stake in the group from his friend, Steve Sullivan.
An unusual business arrangement with Sullivan marked Kraft’s initial tenure with the Patriots. Each man owned a 50% stake in the team, with control over all decisions shared equally between them. This arrangement lasted until 1991 when Kraft bought Sullivan out and became sole owner. He became the sole owner of the Patriots in 1991.
In 1998, Robert Kraft purchased the NFL’s New England Patriots from Victor Kiam for $175 million. He also acquired the rights to the team’s home stadium, Gillette Stadium.
Kraft’s tenure as owner of the Patriots has been marked by a series of financial and legal problems, including the NFL’s investigation into the team for illegal videotaping in 2007. That investigation ultimately led to a $750,000 fine against the Patriots, who were stripped of two draft picks.
In 2008, Forbes named Kraft the fifth-richest American, with an estimated net worth of $1.1 billion. Forbes estimated that Kraft’s net worth was $1.1 billion in 2008, up from a previous estimate of $700 million in 2007 when he ranked No. 25 on the list of wealthiest Americans.
Robert Kraft has overseen many actions that have helped shape the Patriots’ image as one of America’s most successful franchises. In 1993, Kraft convinced then-owner Victor Kiam to give up his controlling interest in the team and sell it to him instead; Kiam subsequently sold his stock at a substantial profit. The deal was initially unpopular among fans who saw it as a betrayal by Kiam, but they soon came to respect Kraft for his honesty and hard work on behalf of the franchise.
Robert Kraft served as President and CEO of The Kraft Group from 1995 until 2000; he currently serves as Chairman Emeritus of The Kraft Group and continues to manage its operations from his home office in Palm Beach Gardens, Florida. Visit this page for related information.
More about Kraft on https://www.thekraftgroup.com/robert-kraft/