New England Patriots proprietor Robert Kraft speaks to media at Gillette Stadium to announce the team’s hiring of head coach Jerod Mayo.
Eric Canha | USAToday | Reuters
Robert Kraft, who paid $172 million for the New England Patriots in 1994, has agreed to sell 8% of the NFL team to two teams in a deal that values the franchise at $9 billion, in accordance to two sources who’ve first-hand information of the deal however aren’t licensed to discuss it publicly.
The cash the team will get from promoting the 8% stake goes to keep on the Patriots’ steadiness sheet, in accordance to one individual shut to the state of affairs, that means the post-money valuation of the Patriots is bigger than $9 billion.
The sale doesn’t embody the New England Revolution, the Major League Soccer team additionally owned by the Kraft household, in accordance to one supply shut to the deal.
The consumers are Sixth Street Capital, at about 3%, and Dean Metropoulos with about 5%, in accordance to an individual with first-hand information of the deal who is just not licensed to discuss it. Metropoulos is listed by Forbes as having a internet value of $4.1 billion.
The minority stake sale of the Patriots should nonetheless be accepted by the NFL’s finance committee.
Two different minority stake gross sales are slated to be voted on by the league’s finance committee in October. First, a ten% sale of the New York Giants to Julia Koch, which might give the team a $10.3 billion valuation, in accordance to an NFL proprietor. And Sports Business Journal reported a few vote on a 3.2% sale of the San Francisco 49ers to Fortress Investment Group Chairman Pete Briger Jr. at a $8.6 billion valuation.
Several days in the past, a 2.35% stake of the Chicago Bears modified palms at a valuation of $8.9 billion.
The Patriots additionally personal Gillette Stadium, which opened in 2002 and was renovated at a value of $250 million in 2023. According an internal NFL document obtained by CNBC, final season the Patriots raked in $118 million in ticket receipts, Eleventh-highest in the league.
Earlier this month CNBC valued the Patriots at $9.25 billion, fifth-most among the many league’s 32 groups. The Patriots have received six Super Bowls, all beneath Kraft’s possession, and are tied with the Pittsburgh Steelers for probably the most in soccer.