Monday December 4, 2023

Kraft, Patriots Go On Unlikely Spending Spree

  • This offseason, the New England Patriots and team owner Robert Kraft have been on a spending spree.
  • It's a move that contradicts past business practices.
Jasen Vinlove-USA TODAY Sports/Design: Alex Brooks
Linkedin
Copy Link
Link Copied
Link Copied

This offseason, the New England Patriots and team owner Robert Kraft have been on a spending spree — a move that contradicts past business practices.

“I do remember we always made fun of the teams that spent a lot in the offseason. We know nothing is guaranteed, and I’m very cognizant of that,” Kraft told Peter King in his “Football Morning in America” column. 

Since the NFL’s legal tampering period began on March 15, the Patriots have spent an NFL record $162 million in guaranteed money in free agency, and could top $172 million this offseason. And this epic payout doesn’t include the recent signings of defensive tackle Montravius Adams, center Ted Karras, and linebacker Raekwon McMillan. 

Kraft purchased the franchise for $172 million in 1994, the highest price tag for a professional football team at the time. In 2020, the Patriots spent a total of $24.4 million on free-agent signings, per Spotrac.

“In my 27 years as owner, I’ve never had to come up with so much capital before,” said Kraft.

The Patriots entered the free-agency period with $69 million to spend, the third-most in the NFL. But in addition to having the cash, the spending spree was facilitated by the market of talented players and limited competition from other teams due to the first salary-cap drop in 10 years. 

“It’s like investing in the stock market,” Kraft said. “You take advantage of corrections and inefficiencies in the market when you can, and that’s what we did here.”

Linkedin
Copy Link
Link Copied
Link Copied

What to Read

The flag of Israel waves in the wind above crime scene tape outside Margolin Hebrew Academy after a man armed with a handgun first tried to enter the school and then began firing his gun outside the school before fleeing in Memphis, Tenn., on Monday, July 31, 2023.

Sports World Reacts to Hamas Attack on Israel

The NBA and NFL released statements as war spread in the region.
Nick Saban highest paid college football head coach.

Who Is Highest-Paid Coach in College Football?

Saban remains atop highest-paid head coaches getting over $11 million annually.
Sponsored

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
Sponsored

How Daktronics Helps Elite Athletic Programs Secure Top Talent

How colleges are utilizing Daktronics' displays to elevate recruiting.
podcast thumbnail mobile
Front Office Sports Today

CFP Selection Turns Heads with Controversial Selection

0:00
0:00

Featured Today

The College Football Playoff is considering rotating TV networks for the national championship game.

CFP Considers Super Bowl-Like Rotation For National Championship Game

Multiple networks could share rights to the championship game, sources told FOS.
Brett Favre
November 27, 2023

Favre Welfare Case Hold-Up? "AG’s Office Has Not Expressed Interest In Pursuing"

The DOJ interviewed Brett Favre in early 2020.
The future of the Pac-12 rests on a court decision.
November 24, 2023

The Pac-12 Plays Its Final Regular-Season Game. Then A Court Decides Its Fate.

The conference's future rests with a court decision.
Lane Kiffin
November 9, 2023

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin's interaction with the player behind lawsuit.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Wasserman
Multiple - USA Careers
Live Nation
Multiple - USA Careers
Saco Bay PT
Multiple - USA Careers
Mark Cuban and Dallas Mavericks.

Adelson Family Freed Up $2B To Reportedly Buy Stake In Dallas Mavericks

Miriam Adelson is selling a portion of her Las Vegas Sands Corp stock.
New York Knicks executive chairman James Dolan watches during the first quarter against the Cleveland Cavaliers at Madison Square Garden.
November 22, 2023

Knicks Owner Resigns From NBA Committees Amid Lawsuit

The Knicks are suing the Toronto Raptors for $10 million.
Carolina Panthers quarterback Bryce Young hugs team owner David Tepper on the field prior to the game against the Atlanta Falcons at Mercedes-Benz Stadium.
November 27, 2023

David Tepper’s Reign Marred by Firings

Between the Panthers and Charlotte FC, Tepper has fired five head coaches.
Sponsored

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
Arizona Cardinals owner Michael Bidwill looks on against the Baltimore Ravens during the second half at State Farm Stadium.
November 1, 2023

Arizona Cardinals Owner Michael Bidwill Accused of Workplace Misconduct

Former COO Ron Minegar describes a “deep culture problem” within the organization.
Miami Marlins chief executive officer Derek Jeter watches batting practice prior to the game against the Los Angeles Dodgers at loanDepot park.
October 18, 2023

Former Miami Marlins President Says Bruce Sherman Fired Derek Jeter

David Samson told FOS that Derek Jeter failed to meet revenue goals.
Miami Marlins general manager Kim Ng looks on from the field prior to the game against the New York Mets at loanDepot Park.
October 16, 2023

Trailblazing GM Kim Ng Departs Miami Marlins

Miami reportedly considered hiring a president of baseball operations to oversee Ng.
October 11, 2023

Goodell On Track For Extension, $700M In Career Earnings

Months in development, new three-year contract again said to be close.