When Robert Kraft finalized the $172 million purchase of the New England Patriots in 1994, it wasn’t just a local sports story — it made global headlines. And rightly so, as it was the most money ever spent on any sports franchise at the time. But those weren’t the only reasons the deal raised eyebrows across the NFL and beyond.
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At the time of the sale, the Patriots had endured four consecutive losing seasons, held the worst win-loss record in the league, and were hemorrhaging money. The franchise wasn’t just struggling — it was borderline irrelevant in the New England sports hierarchy, often an afterthought behind the city’s other teams: the Red Sox, Celtics, and Bruins.
From a business perspective, it looked even more like a deeply flawed investment. The team lacked star power, fan interest was waning, and attendance had been spotty for years. The previous ownership had even flirted with relocating the franchise to St. Louis.
So, when word broke that Kraft had paid $172 million for a losing team in a shrinking market, analysts and insiders alike were stunned. But for Kraft, this wasn’t about spreadsheets or short-term ROI. It was about chasing a dream.
“I had a big dream to try to buy the Patriots,” Kraft said during a recent sit-down with ESPN’s Adam Schefter. “And it took me 15 years to make it come true.”
That journey included acquiring 200 acres around the stadium, buying the actual Foxboro Stadium out of bankruptcy, and strategically positioning himself to keep the team in Massachusetts.
Still, the final price tag even surprised him. “My wife of blessed memory at the time, she wasn’t nuts. She said, ‘How much are you going to pay?’ I said, ‘Well, the right number is 110 [million], but I’ll probably go to 115, 120,’” Kraft recalled. “And I went to 172 in ’94. That’s 50% more.”
That leap — from $110M to $172M — wasn’t fueled by financial logic, however. It was simply rooted in passion. “I wanted to live my dream,” Kraft said. “I sat on those metal benches and thought about if I owned the team, how I’d run it, and what I’d do.”
So, did Kraft see something others didn’t? Maybe. But what’s certain is that he believed in it more than anyone else was willing to.
“I love the sport of football, and it’s just something I dreamt about,” he said. “And I’m going to say to everyone listening here who maybe has a big dream and it doesn’t go your way — stay with it, persevere, do what you gotta do.”
Looking back three decades later, his overpayment looks prophetic. The Patriots have since won six Super Bowls, appeared in ten, and are now the third most valued NFL team with an estimated valuation of $7.4 billion. But perhaps more importantly, they stayed in New England, becoming the region’s flagship sports franchise, just as Robert Kraft had hoped.
So yes, he paid 50% more than the experts said it was worth. But today, it might be the best overpayment in sports history.
