What is Robert Kraft’s net worth in 2021?
The answer is a whole lot.
See how much the American billionaire businessman Kraft is worth and his sports empire.
Robert Kraft is an American businessman who is the chairman and Chief Executive Officer (CEO) of the Kraft Group.
Kraft’s company has assets in sports and entertainment, real estate development, paper and packaging, and private equity.
Kraft is best known for being the billionaire owner of the NFL franchise, the New England Patriots.
Aside from the New England Patriots, Kraft owns other sports franchises, including the New England Revolution of the Major League Soccer, Boston Uprising, an esports team from Boston.
Kraft also owns the Gillette Stadium, which served as the home stadium for the New England Patriots and the New England Revolution.
The success of the NFL franchise he owns brought him to the attention of NFL fans, who have continued to adore him.
How Robert Kraft Became a Billionaire
The making of Robert Kraft’s business empire dates as far back as the Rand-Whitney Group, a packaging company, which Jacob Hiatt, his father-in-law, ran.
In 1968, Kraft became the company’s new owner after acquiring the company through a leveraged buy-out.
Four years after purchasing his father-in-law’s packaging company, Robert Kraft founded International Forest Products, which traded physical paper commodities.
Soon, Kraft’s two companies became the largest privately-owned paper and packaging companies in the country.
Kraft revealed that he started his second company because he believed that the rise of international communication and transportation would increase global trade in the late 20th century.
As his business prospered, Kraft also expanded his business portfolio, which led him to venture into cosmetics, candies, toys, and most importantly, sports.
How Robert Kraft acquired the New England Patriots
Since the 1970s, Robert Kraft had taken an interest in acquiring sports franchises.
He first acquired the World TeamTennis team, the Boston Lobsters, but the franchise and league failed.
Kraft had been a long-time fan of the New England Patriots and had an interest in purchasing the franchise, but the then owner Billy Sullivan would not sell.
Due to Sullivan’s financial pressures, the Patriots Stadium became bankrupt, and Kraft outbid multiple investors to buy the stadium for $22 million in 1988.
The logic behind purchasing the stadium was off since the stadium was seen as worthless, but purchasing the stadium would include the stadium’s lease to the Patriots, which ran till 2001.
Kraft’s chance to buy the Patriots franchise soon came, but he lost his bidding to Victor Kiam.
In 1992, the Patriots franchise ownership changed hands, this time to James Orthwein.
Two years after purchasing the franchise, James Orthwein sold the Patriots to Robert Kraft.
That was after Kraft was offered money to break the stadium lease agreement of the Patriots, which he turned down.
Since James Orthwein was not interested in running the franchise in New England, he decided to sell.
Kraft then offered James Orthwein $172 million for the franchise; the highest amount ever paid for an NFL team at the time.
After the purchase, every game the Patriots had in the 1994 season was sold out, and since then, every home game has been sold out.
In 2002, the Gillette Stadium was developed for $350 million for the Patriots.
Since Kraft assumed ownership of the Patriots, the franchise has enjoyed success.
The Patriots have been in ten Super Bowls since 1996 and have won six of them.
What is Robert Kraft’s Net Worth?
As of 2021, Robert Kraft’s net worth is an estimated $6.6 billion, making him one of the richest men on the planet.
According to Forbes, Krafts ranks as the 211th richest man in the world as of December 2020.
He is also the 93rd wealthiest American right now.
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Robert Kraft’s Sports Empire
Robert Kraft boasts of a lucrative sports Empire which cut across American football, soccer, esports, and martial arts.
Of all the franchises he owns an investment in sport, the New England Patriots of the NFL ranks as his wealthiest sports franchise.
Since 1994, where Kraft bought the franchise for $172 million, its value has been increasing.
Next on the most lucrative sports franchise, he owns Major League Soccer’s New England Revolution, which he established in 1996.
The franchise is worth $245 million as of 2019, making it the 17th most valued MLS franchise.
In 2016, Kraft Group was one of the investors that contributed to the WME-IMG $4 billion acquisition of the Ultimate Fight Championship (UFC), thus expanding Robert Kraft’s business and sports empire.
The next year, he purchased a stake in the Overwatch League esports team, Boston Uprising.
Kraft’s sports empire also includes the Gillette Stadium, which serves as the home stadium for the New England Patriots and New England Revolution.
It cost $325 million to build the stadium.
|Net Worth:||$6.6 Billion|
|Date of Birth:||June 5, 1941|
|Age:||79 years old|
|Source of Wealth:||Businessman, Entrepreneur|
|Sports Franchises:||NFL – New England Patriots|
MLS – New England Revolution
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Robert Kraft’s net worth standing at $6.6 billion is evidence of his business success.
The American billionaire is always looking and taking advantage of any opportunities to expand his sports empire, so it’ll be no surprise if his wealth doubles or triples in the future.