Patriots Owner Robert Kraft appeared in U.S. District Court
Tuesday and said he paid $50M more for the team than they were
worth in January of '94 because Gov. William Weld "promised"
Kraft a downtown stadium would be built within two or three
years. Kraft revealed a total loss on the Pats last year of a
"staggering" $48M, including "massive accounting charges tied" to
the $158M purchase price of the team. Kraft said the team was
worth $110M at the time of his purchase, but he agreed to pay
$50M more to keep the team from moving to St. Louis because of
Weld's commitment. Ilene Hoffer, a spokesperson for Weld, said
the Governor never promised Kraft a new facility. Kraft was a
witness in the retrial of former Patriots owner Billy Sullivan's
antitrust suit against the NFL. Kraft said his ownership of
Foxboro Stadium is now the "source of his financial trouble."
The team pays $2.7M in rent in Foxboro, but receives no stadium
revenues. Kraft receives stadium revenues through a separate
entity. Also, "unlike other team owners, he must pay for the
stadium and its upkeep" for around $5M a year. Data showed the
stadium generates between $4-6M a year, with primary revenue
coming from an estimated $2.2M from 36 luxury suites renting for
around $60,000 a year. Team receipts equaled around $62M, with
$37M from national TV money, $18M in gate receipts, and $4.5M in
local broadcast revenue. Expenses were close to $108M (David
Halbfinger, BOSTON GLOBE, 11/29).