Robert Kraft Sports Empire Includes Far More Than the Patriots

Robert Kraft Early Life

In Brookline, Massachusetts, on June 5, 1941, Robert K. Kraft was born to parents Sarah and Harry Kraft. He was raised in a working-class household of Modern Orthodox Jews. At Brookline High School, where he was senior class president in 1959, he earned a bachelor’s degree. During his time at Columbia University, Kraft was elected Class President for the second time. A member of the Zeta Beta Tau fraternity, he also played on the freshmen and lightweight football teams at Penn State University. Graduated in 1965 from Harvard with an MBA from Columbia University in 1963.

Kraft was chosen chairman of the Newton Democratic City Committee when he was just 27 years old and fresh out of Harvard. After some consideration, he chose not to run for Congress in Massachusetts’ 3rd District in 1970 because he was concerned about the burden on his family and the lack of privacy.

Paper Wealth

The Rand-Whitney Group, a packaging company managed by Jacob Hiatt, Kraft’s father-in-law, was where he had his first taste of working life. As part of a leveraged acquisition in 1968, Kraft seized ownership of the company. To this day, he still serves as chairman of the Rand-Whitney Group. It wasn’t until 1972 that Kraft started International Forest Products, a company that traded in real commodities like paper. They are the two largest privately held paper and packaging enterprises in the United States.

In 1982, New England Television Corp. acquired control of WNAC-TV, thanks in part to Kraft’s investment. He was elected to the board of directors in 1983. WNEV-TV was renamed and he became president of the firm in 1986. For $25 million in 1991, he exercised his right to sell his stock in the company. Several Boston radio stations were also purchased by Kraft as part of their acquisition of the city. As a result, in 1998, he founded Kraft Group, a paper company that works in 90 countries and generates over $2 billion in sales.

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New England Patriots

Robert Kraft has been a season ticket holder for the New England Patriots since 1971. When the New England Patriots’ stadium was being built, he bought the land next to it in 1985. In what now appears to be Kraft’s master plan to purchase the New England Patriots, this was the first stage in a long process. Step two came in 1988 when Kraft beat out a swarm of rival bidders to purchase the stadium for $25 million, which was then in bankruptcy. Kraft had to buy the Patriots’ lease to the stadium as part of the deal. As a part of Kraft’s long-term strategy to acquire the franchise, this point is critical.

The Patriots were rumored to be going to St. Louis because owner James Orthwein wanted the NFL to return to his hometown of Boston at the time. It has been more than a decade since St. Louis had an NFL team since the Cardinals left town in 1988. The St. Louis Stallions were the team’s proposed new moniker. However, Robert Kraft had to agree to let the team buy out the remaining years of their stadium lease arrangement for them to depart the state.

When James Orthwein made an offer to buy out the rest of Kraft’s lease at Foxboro Stadium in 1994, he offered the club owner $75 million. If Kraft had consented, the Pats would have relocated to St. Louis rather than Philadelphia. Robert Kraft, on the other hand, recognized an opening and took advantage of it. It was a record for the NFL at the time when he countered with $175 million (equivalent to $300 million today).

When this deal was struck, the squad was one of the most undervalued organizations in the NBA at the time. Even though he knew it would be impossible to get out of his lease, Orthwein agreed to the offer. The New England Patriots are now valued at $4.1 billion after sixteen years and six Super Bowl championships (in ten Super Bowl appearances).

The New England Revolution of Major League Soccer was formed by Kraft in 1996.

Personal Life

He met Myra Hiatt at a Boston deli in February 1962. They wed in June of that year. Jonathan, Daniel, Joshua, and David were the four sons of the couple. Temple Emanual in Newton, Massachusetts, was where the Kraft family was a regular attendee. On July 20, 2011, Myra Kraft succumbed to ovarian cancer and died. She was 68 years old at the time of her death.

Ricki Noel Lander, a 39-year-old actress, became Kraft’s girlfriend in June 2012. In the fall of 2017, Lander gave birth to a child. When the child’s birth was revealed in May 2018, there was some conjecture that Kraft was the father. However, he disputed the paternity of the child. A split between Kraft and Lander was finalized in 2018.

Controversies

Robert Kraft Controversies

The chief of police in Jupiter, Florida, arrested Kraft on February 22nd and charged her with misdemeanor charges of “soliciting another to perform prostitution.” The Orchids of Asia Day Spa was the target of a human trafficking investigation, which led to the charges.

A sex trafficking theory said that the spa’s owners were enslaving and exploiting the women who worked there. The Orchids of Asia Day Spa is believed to have videotaped Kraft engaging in sexual activities. When Kraft was presented with a plea deal on March 19th of this year, he turned it down since it would have required him to plead guilty. He requested a jury trial in court records filed on March 26th, in which Kraft pled not guilty to all allegations.

According to a ruling handed out in August 2020 by a Florida court, police confiscating suspected videotapes of Kraft participating in sex acts at the spa violated Kraft’s constitutional rights. The court ruled that the prosecution could not use the alleged films in court because of their content. There was insufficient evidence to bring charges against Kraft on September 24, 2020.

Investing in property

Jonathan Kraft bought his parents’ 7,500-square-foot Cape Cod property for $3.8 million in 2010. There are seven bedrooms and six bathrooms in the house, which was built in 2006.

How much money does Robert Kraft have?

The 7 billion dollar fortune of Robert Kraft, a native of Massachusetts and entrepreneur by trade, is well known. His wealth came from his position as CEO and chairman of The Kraft Group, which has interests ranging from paper to real estate. ” The New England Patriots, the New England Revolution, and Gillette Stadium are all named after him.

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