Robert Kraft and his family have been sole owners of the New England Patriots ever since acquiring the franchise from James Busch Orthwein in 1994. That is about to change.

The Krafts are set to divest 8% of the Patriots at a valuation of more than $9 billion, as first reported by Ben Fischer of Sports Business Journal. The ownership stake will be divided by two parties: 5% will be owned by billionaire Dean Metropoulos, with 3% going to San Francisco-based investment firm Sixth Street.

Both deals are pending approval by NFL owners, who will vote on the matter at a meeting on Oct. 21-22. The expectation is that the sale will be green-lit.

The deal was made possible by an NFL policy change approved in 2024 that allowed private equity to buy into the league’s 32 teams. At the time, Kraft spoke about “a program that both satisfies the needs of the private equity firms but also supports the culture that we want to keep going” and called the policy “a win-win all around” that made him consider selling parts of his franchise.

That has now happened. While the Krafts have no plans to relinquish control of the club, selling a stake in it allows them to raise around $720 million — money that is expected to remain on the Patriots’ balance sheet rather than be used by family.

Robert Kraft bought the Patriots in 1994 at a sum of $172 million, the equivalent of $376 million in 2025. Since his original investment, he saw the team develop into one of the premier brands in sports as well as a six-time Super Bowl winner. As a consequence, its value skyrocketed, with latest estimates putting it at $9.25 billion — fifth highest in the league.