But how did Robert Kraft accumulate such staggering wealth? Let’s take a closer look at the billionaire’s background, business career, sports investments, and other details behind his incredible $11+ billion net worth.

From Harvard Business School to Paper Goods Empire

Born in 1941 in Brookline, Massachusetts, Robert Kraft demonstrated business savvy and ambition from a young age. He graduated from Columbia University in 1963 then obtained his MBA from Harvard Business School in 1965.

Soon after, Kraft began working with his father-in-law’s company, Rand-Whitney Group – a packaging business. He gained control of the company through a leveraged buyout in 1968 when he was just 27 years old.

Over the next few years, Kraft purchased other paper and packaging companies and merged them with Rand-Whitney. In 1972, he founded International Forest Products, which became a major trader of physical paper commodities. The merger of these two companies created the largest privately held paper and packaging business in the country.

Kraft’s paper goods and packaging empire formed the foundation of his wealth. But it was his foray into sports ownership and management in the 1990s that catapulted him into the upper echelons of the world’s billionaires.

Buying the New England Patriots Out of Bankruptcy

In 1988, Kraft purchased Sullivan Stadium, home of the New England Patriots NFL team, for $22 million. He then bought the Patriots in 1994 for $172 million to prevent the team from relocating.

The Patriots were in dire financial straits before Kraft’s acquisition, having filed for bankruptcy in 1988 and 1990. But Kraft turned the franchise around both financially and competitively.

The team became the most valuable NFL franchise under Kraft ownership, with Forbes estimating it to be net worth $5.3 billion as of 2024. They have also enjoyed unparalleled success on the field, making it to 11 Super Bowls and winning six championships since 2001.

Venturing Into Other Sports Teams and Leagues

In addition to the massively lucrative New England Patriots, Robert Kraft has also invested in other sports franchises:

• New England Revolution – Kraft founded this Major League Soccer club in 1996 as one of the league’s original 10 teams. Its worth has grown to around $550 million.
• Boston Uprising – He paid $20 million for this esports franchise to join the Overwatch League in 2017.

And in 2022, Kraft considered buying an expansion National Women’s Soccer League (NWSL) team based in Boston, though talks eventually fell through.

Overall, Robert Kraft owns three professional sports teams across the NFL, MLS, and esports. The growth and success of the NFL and soccer in America has dramatically increased the value of his sports investments over time.

Other Business Ventures and Investments

Aside from his paper and packaging companies and sports teams, Robert Kraft has involvement in numerous other businesses:

• New England Television Corp. – Kraft has a stake in this TV station company and even served as its president from 1986 to 1991 when it owned the broadcast rights to run Boston’s CBS affiliate station.
• Private Equity – He has investments in several private equity and venture capital funds that help finance various startups and businesses. For example, Kraft is an investor in funds managed by Insight Partners, which finances tech companies.
• Real Estate – Kraft owns significant real estate across New England, including shopping centers, office buildings, and 1,200 apartments combined worth over $1 billion.

Combined with the Kraft Group’s holdings, Robert Kraft has his hands in many pies across sectors like manufacturing, sports, media, tech, and real estate. Conservative estimates place his net worth at over $11 billion.

Philanthropy and Public Recognition

Aside from his business ventures, Robert Kraft is known for donating huge sums to charitable causes. His donations exceed $100 million and focus on supporting education, child- and women-related issues, healthcare, youth sports development, and American and Israeli causes.

His philanthropic efforts and leadership of the Patriots have earned him several prestigious accolades, including:

• Honorary doctorates from multiple universities like Yeshiva and Brandeis
• Theodore Roosevelt Award for business leadership
• Carnegie Hall Medal of Excellence
• Columbia University’s Alexander Hamilton Medal
• Induction into the American Academy of Arts and Sciences

Controversies and Legal Troubles

However, Robert Kraft’s pristine reputation took a major hit in 2019 when he was charged in Florida for soliciting prostitution at a massage parlor. While these criminal charges were later dropped, the high-profile case stirred up controversy.

Kraft issued an apology but has otherwise avoided addressing the incident in detail. He continues his charity work and ownership of his business and sports empires.

Looking Ahead – Succession Planning for the Kraft Empire

At over 80 years old, Robert Kraft has reached an advanced age, raising questions around succession planning. Who will inherit and take the reins of his formidable $11+ billion fortune and collection of companies?

Kraft has four adult sons who have leadership roles across the Kraft Group and Patriots team. Analysts expect the companies to remain in family control for the foreseeable future.

But Robert Kraft remains intimately involved with operations for now. His shrewd business savvy and competitive spirit show no signs of slowing even as he grows older.

The Incredible Wealth of an NFL Owner

Robert Kraft’s rags-to-riches journey from working at his father-in-law’s small paper goods company to amassing over $11 billion dollars (and counting) is truly remarkable.

He built a fortune in manufacturing and packaging before becoming one of the most important figures in NFL history. His stewardship of the New England Patriots transformed the franchise into a sports dynasty and massively profitable business.

Combined with other sports teams, media, and real estate assets, Kraft’s net worth continues rising every year. He is certainly one of most intriguing and influential billionaire sports owners alive today. I sincerely hope you like reading this “Robert Kraft Net Worth in 2024? Uncover His Net Worth Today” article.

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