FOXBOROUGH, Mass. – The New England Patriots owner Robert Kraft, whose team went on a free agent spree that broke the NFL record for the most guaranteed money spent on hiring, described the aggressive approach as strategic.
“It’s like investing in the stock market,” said Kraft, according to the “Football Morning In America” column. “You take advantage of market corrections and inefficiencies when you can, and that’s what we did here. We’ll see. Nothing is guaranteed and I am very aware of that. But we are not in the business to be in business. We are in this business to win. “
Kraft purchased the Patriots in 1994 for $ 172 million. By hiring 19 free agents, some of whom played for the Patriots last year, he distributed about $ 162.5 million in guaranteed cash (a number that will increase as details of a few more deals are known).
The richest deals, in terms of guaranteed money, were given to former Baltimore Ravens linebacker Matthew Judon ($ 32 million), former Tennessee Titans player Jonnu Smith ($ 31.25 million) and former Los Angeles Chargers player Hunter Henry ($ 25 million).
Kraft said: “In my 27 years as an owner, I have never had to create so much capital before.”
Kraft explained that the Patriots’ abundant wage cap space set the stage for spending. In addition, “instead of having 10 or 12 teams competing for most of the best players, there were only two or three” – a result of the NFL’s salary cap having dropped from $ 198.2 million to $ 182.5 million due to the pandemic .
The Patriots, playing without defender Tom Brady for the first time in two decades, made 7-9 last season and missed the playoffs for the first time since 2008.
On Friday, coach Bill Belichick had said in a statement: “We are excited about the additions to our squad so far this year. Whether for trade, free agency or rehiring, the group brings a good mix of attack, defense and special teams. It was great to see them in the building, including some familiar faces, and we are all looking forward to continuing to build for the next season. “