Owning a professional sports franchise is my dream job. (I'm willing to relocate.) Of course, I could never afford my own team, except maybe in the NHL. Clearly, you have to be exceedingly wealthy to become an owner. But have you ever wondered how all those owners made all that money? Hopefully so, because I went ahead and did the research. Here's a list of seven billionaire owners and how they built their fortunes.
1. Robert Kraft, New England Patriots (NFL)
I'd never really given it much thought, but I'd always assumed Kraft bought the Patriots with big cheese money he'd inherited. But Kraft got his start in the paper business. His wife, Myra, is the daughter of Massachusetts philanthropist Jacob Hiatt. After Kraft finished Harvard Business School, he went to work with his father-in-law's packaging company. In 1972, Kraft founded International Forest Products, which is now part of the Kraft Group "“ a diversified collection of companies ranging from Gillette Stadium to the New England Revolution (Major League Soccer) to Carmel Container Systems (Israel's largest packaging plant). Kraft is seen as a savior in New England "“ before he bought the team in 1994, the Pats seemed destined for relocation to St. Louis. Plus he's made them really, really good, winning three Super Bowls this decade.
One drawback to owning your own sports team? Run-ins with foreign heads of state. In 2005, Kraft met Vladimir Putin, who walked off with one of Kraft's Super Bowl rings. Kraft now claims it was a gift, but that might just be what you say when a Russian leader steals your jewelry.
2. Robert L. Johnson, Charlotte Bobcats (NBA)
Lower on my list of dream jobs is running a cable network that caters to urban youth. So I'm all kinds of envious of Robert L., who founded BET and sold it to Viacom for $3 billion in 2001. His fortune was depleted by an expensive divorce, but Johnson's estimated net worth is still $1.1 billion. His resume is full of firsts — BET was the first African-American owned company traded on the NYSE. He was the first African-American billionaire in the U.S. And, in 2002, he became the first African-American majority owner of a professional sports franchise.