New England Patriots owner Robert Kraft could be the target of the investigation that is new to sports news siteDeadspinthat claims the billionaire is in violation for the National Football League’s (NFL) ownership policies due to his investment in a hedge investment.
New England Patriots owner Robert Kraft (seen here with President Donald Trump at an NFL game in 2012) is being accused by one reporter of violating the league’s ownership policy for keeping interests in Caesars.
Kraft, worth an estimated $5.1 billion according toForbes, owns a stake that is smallby his criteria) in Apollo Global Management (AGM). Per SEC filings, the Kraft Group CEO holds 267,240 shares of AGM, a publicly exchanged business, currently valued at around $7 million.
Since Apollo presently keeps a 30 percent stake in Caesars Entertainment, as well as positions in British betting house Ladbrokes and casino games maker American Gaming Systems,Deadspinauthor Bart Hubbuch states Kraft is in violation associated with the NFL’s gambling policy. The League strictly prohibits owners from directly buying casinos or gaming businesses.
The hedge fund says Kraft has been a director of its company since 2014 on the Apollo website. The billionaire is listed alongside nine other directors and executive officers.
‘Holding that position would seem to be a violation that is clear of NFL’s gambling policy. While the policy allows (more…)