In 1994, Robert Kraft bought the New England Patriots from a man who wanted to move the team to St. Louis and call it the Stallions. Over time, the business tycoon has added to his wealth by putting his money in different places. Through this article, you can know more about his business achievements and net worth.
Robert Kraft Net Worth
Celebrity Net Worth says that Robert Kraft is a businessman born in Massachusetts with a net worth of $11 billion. People often think that Robert Kraft’s wealth came from Kraft Foods, a company that makes and sells groceries. This is not true at all. Robert Kraft has nothing to do with Kraft Foods, which makes Grey Poupon, A1, Gevalia, Planters, Jell-O, Kraft Singles, Velveeta, Kool-Aid, Cadburys, Oscar Mayer, and Maxwell House, among other brands.
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As Chairman and CEO of The Kraft Group, which has assets in everything from paper to real estate, Robert Kraft made a lot of money. He is best known as the main owner of the New England Patriots, the New England Revolution, and Gillette Stadium.
Robert Kraft’s Rise as a Business Tycoon
Robert Kraft was born in Brookline, Massachusetts, on June 5, 1941. His parents were Sarah and Harry Kraft. He grew up in a working-class, Modern Orthodox Jewish family. He graduated from Brookline High School in 1959, where he was the head of his class. Jacob Hiatt, who was married to Kraft’s daughter, ran a packaging company called the Rand-Whitney Group. This was Kraft’s first job. In 1968, Kraft led a “leveraged buyout” of the company to take control of it. He is still the head of the Rand-Whitney Group.
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In 1972, Kraft started International Forest Products, a company that trades in physical paper products. The two paper and packaging companies are the biggest privately owned businesses in the U.S. in their industries. Kraft also had money in the New England Television Corp., which in 1982 took over WNAC-TV. In 1983, he joined the board of directors as a member. The station changed its name to WNEV-TV, and in 1986, he became president of the company. In 1991, he chose to sell his shares for $25 million, which was one of his options. Kraft also bought several radio stations in Boston. In the end, he started his own paper business, Kraft Group, in 1998.
It operates in 90 countries and has sales of more than $2 billion. Robert Kraft has been a Patriots fan since they were in the American Football League, and he has had season tickets since 1971. He bought the piece of land next to the New England Patriots Stadium in 1985. This was the first step in what now looks like Kraft’s master plan to buy the New England Patriots. Step two was in 1988, when Kraft beat out many other bidders to buy the stadium for $25 million. At the time, the stadium was in bankruptcy court. Kraft had to buy the Patriots’ lease on the stadium as part of the deal.
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Final Words
As of now, Robert Kraft is thought to have a net worth of about $11 billion. People say he got his money from owning the New England Patriots and the New England Revolution. He also makes a lot of money from his other businesses in real estate, private equity, and other areas.