The New England Patriots have been a family business since Robert Kraft took over, but that’s reportedly going to change.
Patriots owner Robert Kraft has agreed to sell 8% of the team, the Sports Business Journal reported. According to the report, 3% of the team will be sold to Sixth Street, a private equity firm. The other 5%, according to SBJ, is being sold to Greek billionaire Dean Metropoulos.
The deals are being made based on a valuation of “a little over ($9 billion),” according to the report.
That on its own marks a significant return on investment for Kraft, who bought the team in 1994 for the tidy price of $172 million. Rounding down to a $9 billion valuation, 8% is more than $700 million back to Kraft and his family.