- In 1994, Robert Kraft purchased the struggling New England Patriots for a then-record $US175 million.
- The move kept the team from moving to St. Louis.
- Since then, the Patriots’ franchise value has soared to $US3.8 billion, second only to the Dallas Cowboys.
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.
If he had sold, it would have allowed the team to move to St. Louis. 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It was a gutsy move for a team playing nearly a decade’s worth of bad football in an outdated stadium, dishing out the equivalent of about $US300 million in today’s dollars. Now the Patriots are said to be worth $US3.8 billion, with a B, 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 $US423 million. Since then they have won five Super Bowls and only trail the Dallas Cowboys ($US4.8 billion) in value.
Not bad. Not a bad investment at all.
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