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Many people know Robert Kraft as the owner of an NFL team, the New England Patriots. Interestingly, it's a common misperception that he obtained funding from the well-known grocery store manufacturing company Kraft Foods in order to purchase the NFL side. This is untrue, as Robert Kraft has no affiliation whatsoever with Kraft Foods.
Names often get tangled in the large network of business, producing a web of links that aren't always obvious. For this reason, it is not shocking that many people believe Kraft Foods and the owner of the New England Patriots are related.
Following the merger of Kraft Foods Group and H.J. Heinz Holding Corporation in 2015, Kraft Heinz Company—one of the biggest producers of food and beverages worldwide—was established, and Kraft Foods is its multinational division and brand. The original Kraft Cheese Company was formed by the Kraft family, more especially by James L. Kraft, and later merged with Kraft Foods.
Conversely, Robert Kraft is a businessman and has no family or investment ties to Kraft Foods or its parent organization, Kraft Heinz Company. It is entirely by chance that their last names are similar.
How did Robert Kraft make his money?
Robert Kraft obtained an MBA from Harvard Business School in 1965, two years after graduating from Columbia in 1963. After graduating from college, he started working for his father-in-law's paper company, the Rand-Whitney Group. He went on to purchase a majority share in the business through a leveraged buyout in 1968.
Kraft established International Forest Products, an actual paper commodities broker, four years later. Together, his two businesses represented the biggest private paper and packaging company in the whole country.
Furthermore, Kraft invested in the Boston Lobsters of World Team Tennis and New England Television Corp. to increase his assets. Kraft made the $172 million purchase of the New England Patriots in 1994. Forbes estimates that the franchise is currently valued at $6 billion.
Exploring Robert Kraft's net worth in 2024
Robert Kraft is the ninth richest NFL owner in 2024 with a net worth of $11.1 billion, according to Forbes.
Below is the complete list of the top 10 richest NFL owners, according to Forbes.
