Robert Kraft: Lack Of Salary Cap Kept Me Away From EPL
BOSTON (CBS) -- Two years ago, John Henry and the Red Sox' ownership group purchased Liverpool FC for $476 million, and they've since spent millions upon millions of dollars bringing in big-name players to the struggling soccer team.
Robert Kraft, another successful sports owner in town, spoke this week about what's keeping him away from a similar purchase, and he said it's the lack of salary cap.
"I would only do it if there was a salary cap," he told CNN while in England to watch Wimbledon. "It's the same thing I said three years ago. We could have bought Liverpool before the two ownership groups who preceded us, and in the end I don't want to compete in a business where people throw money at something. I want to be able to compete."
It's not that he doesn't have the resources; Forbes estimates his worth at $1.7 billion. Kraft said that the fact that every team can operate under different spending rules would interfere with his only goal of purchasing a sports team.
"The only way I would go into a sports business is to win," he said. "And I don't think I can compete on an equal footing so I choose not to do it. "
Even winning wouldn't bring the type of return that most American sports owners expect.
"Manchester City won the championship this year and I hear they're going to lose $156 million," Kraft said. "I would rather give that money to charity if I had it."
Given the added drama that's surrounded the Red Sox' ownership group since the purchase of Liverpool in 2010, Patriots fans are likely thankful for Kraft's decision.
