Robert Kraft and his family have owned 100 percent of the New England Patriots since purchasing the team in 1994.
That’s about to change, it appears.
The private equity firm Sixth Street has a deal in place to acquire 3 percent of the Patriots from the Kraft family, Ben Fischer of the Sports Business Journal reports.
Per Fischer, the deal is part of Kraft’s plan to divest 8 percent of the Patriots franchise, which is currently valued at $9.25 billion, per CNBC. The buyer of the other 5 percent is currently unknown, Fischer reports, but both deals are expected to be approved at the next meeting of NFL owners on Oct. 21-22.
Sixth Street’s expected investment in the Patriots comes after owners approved a measure allowing private equity investment in franchises in August 2024. Two other AFC East teams, the Miami Dolphins and Buffalo Bills, became the first NFL teams to receive private equity investment last December.
Sixth Street recently purchased a minority stake in the Celtics — believed to be more than $1 billion, according to CNBC — under new lead owner Bill Chisholm.
Kraft purchased the Patriots for $172 million from previous owner James Orthwein in 1994 and helped New England build one of the most successful franchises in professional sports, with six Super Bowl titles and 23 playoff appearances over three decades.
Kraft is set to make $740 million selling just 8 percent of the franchise at that $9.25 billion valuation.
