In 1994, Robert Kraft owned Foxboro Stadium, then the home of the New England Patriots, and rejected a $US75 million offer to buy out the lease, which would have allowed the team to move. Instead, Kraft paid a then-NFL record $US175 million to buy the team and keep it in the Boston area.
It was a gutsy move for a team playing nearly a decade’s worth of bad football in an outdated stadium. The purchase price is the equivalent of about $US300 million in today’s dollars. The team is now the second-most valuable team in the NFL, valued at $US2.6 billion, according to Forbes.com’s latest valuations.
In 2000, the Patriots were considered just slightly above average with a value of $US464 million compared with the average NFL team of $US423 million. Since then, the value of the Patriots has increased 460% while the value of the average NFL team has increased 237%, and there are reasons to think the team is actually worth more than $US2.6 billion.
Not bad. Not a bad investment at all.
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