Robert Kraft addresses possible sale of Patriots after Lakers sold: ‘We’re keeping control’

There are very few investments that prove to be as consistently good investments as owning a professional sports team. That leaves owners very aware of the value of their franchises, and in many cases, that value is difficult to ignore. Still, for many owners, like Robert Kraft of the New England Patriots, owning the team has its own value worth holding onto.

Now 84 years old, it would make some sense if Kraft wanted to move on. Given that the Los Angeles Lakers, one of American sports’ premier brands, just sold for a $10 billion evaluation, Kraft felt like he needed to address any potential sale of the team.

“It’s nice,” Kraft said. “But to me, it’s like your house going up in value. In my lifetime, and I believe my children’s lifetime, we’re keeping control [of the Patriots].”

Kraft has owned the Patriots since 1994. That was after he bought the stadium out of bankruptcy court from former owner Billy Sullivan for $22 million in 1988. He initially lost a bid to own the team to Victor Kiam, but because Kraft owned the stadium and the team had a lease there through 2001, he didn’t allow Kiam to move the team to Jacksonville.

The Patriots would then be sold again in 1992 to James Orthwein before he attempted to buy out the lease to move the team to St. Louis. When Kraft again turned that down, the team went up for sale again. Kraft made a bid for $172 million, which wasn’t the highest offer, but because of the cost and battle that came with relocation, his became the offer that Orthwein took.

Those were great lengths that Kraft went to in order to keep the team in New England. It comes from growing up in Massachusetts, rooting for the team, and being a longtime season ticket holder himself.

Today, Forbes has offered a $7.4 billion evaluation for the New England Patriots. That’s their third-highest evaluation in the NFL, only behind the Los Angeles Rams and Dallas Cowboys. That was as of August 2024. Revenue is listed at $712 million and operating income is $261 million. The franchise’s long-running financial issues before Robert Kraft purchased it are a thing of the past.

The Kraft family is set up to continue owning the Patriots for the foreseeable future. His son, Jonathan Kraft, is currently the team’s president. He is also expected to take on ownership from his father.

For all the good and success that Robert Kraft has had with the Patriots, there has been tension with fans lately. The end of the Tom Brady and Bill Belichick dynasty was handled awkwardly. Ownership forced Belichick out after allowing him to force Brady out previously. Then, they made a bad hire in Jerod Mayo. All the while, the team has started to struggle.

“The last two years were the worst 31 years of my ownership,” Kraft has said. “We have to change that.”

Regardless, Robert Kraft’s legacy will be as one of the best owners of his generation. He’s brought six Super Bowls, fixed the team’s financial issues, and built up a legacy as one of the NFL’s greatest runs of on-field success.