Owner Spotlight: A Promise Kept
Written by Daniel Turner, Thursday May 21 2009
When Robert Kraft purchased the New England Patriots in 1994 he promised the long suffering fans a championship. He failed to mention how frequently that promise would be kept.
For those who are young, or suffer from short attention span deficit, it might be forgotten how woebegone the Patriots were when Kraft took over the reins. They were a laughable as the Lions.
The Pats had welcomed in the last decade of the 20th century in questionable form. By 1994 they were 14-50 for the ‘90’s. Along with stinking on the field, they weren’t faring any better in the front office. They were last in attendance and revenue generated. That’s right; the ubiquitous Flying Elvis logo that is worn from Boston to Bosnia is courtesy of the success achieved under Kraft. When he stepped on board the sinking frigate of New England football misery nobody, including those in the team’s employ, was quick to show off their Pats gear.
The only place lonelier than Foxboro Stadium on a Sunday afternoon was the local TV station. No one was watching the Patriots so a long time blackout was in place.
How did the Pats go from being a laughingstock to the team that Forbes magazine dubbed the most successful sports franchise? The measure of credit must go to Robert Kraft who approached this acquisition as he has the paper packaging business that afforded him the opportunity to enter franchise ownership.
Kraft graduated from Columbia in 1963 and earned an MBA from Harvard in 1965. He entered the professional world with Rand-Whitney Group, a paper packaging group he later acquired. In 1972 he established International Forest Products, a company that deals in paper commodities. Combined the companies form the largest paper and packaging corporation in the U.S.
As he was forming International Paper Products he was also purchasing his first set of season tickets to the Patriots. The time he spent at Foxboro ignited his passion for the Patriots and lent heavily in his decision to purchase them.
Similar to the way he aligned his paper products empire Kraft began his desire to purchase the Pats by first staking ownership to Foxboro. In 1985 he purchased the lease to the land surrounding the stadium. Many questioned his investment since three years later the stadium announced bankruptcy. Undaunted, Kraft purchased the rights to Foxboro and tightened the grasp on the franchise he coveted.
In 1994 he was faced with an offer than many would have chosen to go opposite of his decision. He was offered $75M to nullify the Patriots lease and open the door to their exiting New England. He opted to offer the $177M asking price to purchase the franchise and keep it in the area. Since the team was a pariah to most fans he was gambling with family money that a local infusion of cash and renewed interest in righting the team would reestablish its fan base.
When the NFL granted approval to his 11th hour purchase, he quickly placed season tickets on sale and saw an astonishing turnout for the forgotten football team. As over 5,000 folks lined up in a Nor’easter to purchase tickets Kraft decided to forgo celebrating and focus on his next task at hand. Almost immediately after the acquisition he began making plans for Gillette Stadium.
In an area where a sports complex has to collapse before it is replaced, going ahead with plans to build a decidedly upgraded home for his woeful Pats was another of the many risks that Kraft has undertaken in his professional life. However, like his forceful ideas behind his paper packaging empire Kraft had a visionary view for Gillette.
Not only do the Pats have a plush stadium to call home, but it is surrounded by a complex that is continuing to grow and thrive. In 2007 the surrounding area witnessed the opening of Patriot Place. The team namesake is a complex that houses retail, office space, exhibition space and an entertainment complex. Also included is the largest outdoor retail venue in New England, the Bass Pro Shop. When completed Patriot Place will include a four star hotel, a sport medicine center, a Patriots retail superstore, a Pats Hall of Fame, a CBS store; Kraft is also on the board of Viacom the network’s parent company, and numerous retail and restaurant locations.
Kraft’s business acumen has made him one of the most successful owners and a member of their broadcast committee. With him on the board the owners have negotiated two back to back TV offers that are the best in league history. He also helped to establish Reebok International Ltd. In New England and the league has benefitted by having them as their exclusive supplier of uniforms.
While all of this is meritorious, putting a winning team on the gridiron is the surest path to success and Kraft has the best in the business at present. With Kraft at the helm the Pats have the most wins, the best winning percentage and the most playoff victories in the NFL. But, once again, it took a calculated risk to insure the success that has become a regular for the team.
In 2000 Kraft dealt with the enemy and was initially criticized when he offered the NY Jets a first round draft pick for their head coach, Bill Belichick. The opinion of the fans and the press turned quickly as the sartorial splendor of Belichick brought a powerhouse to New England that has yet to peak. Under his rumpled guidance the Pats have won more games than any franchise while he’s been on watch and he is the only coach to capture three Super Bowls in four seasons.
Kraft also owns the New England Revolution of the MLS. He is a trustee for Columbia University and Boston Magazine has named the Kraft’s the most powerful family in New England. Undoubtedly both his business skills and his knowledge of paper products were instrumental in his being named to the board of the Federal Reserve Bank of Boston.
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