Robert Kraft is selling off a piece of the New England Patriots. Kraft and his family have held 100% of the team since he initially purchased the organization in 1994, but now plans to divest 8% of the franchise.

The move was first reported by The Sports Business Journal on Thursday and was announced by the Patriots later in the day.

Kraft is selling off a piece of the Patriots in two separate deals to private equity firms: 5% is being sold to Dean Metropoulos, who is the principal owner of the Metropoulos & Co. investment firm, while the other 3% is being sold to global investment firm Sixth Street.

If Sixth Street sounds familiar to Boston fans, it's because the firm is also a major part of the investment group that just purchased the Boston Celtics, led by new team governor Bill Chisholm. But Chisholm is not involved in Sixth Street's deal with the Patriots. 

Metropoulos was born in Greece but his family moved to Watertown, Massachusetts when he was 10 years old. He went to Babson College in Wellesley, and is best known for his work with Pabst Blue Ribbon and Hostess. He has a net worth of $4.1 billion, according to Forbes.

The two deals involving are expected to be approved when NFL owners gather for the league's fall meeting, which are set for Oct. 21-22 in New York. The sales are set to go through with the valuation of the Patriot set at $9 billion. 

According to The Sports Business Journal, Kraft has no interest in relinquishing control of the team. He and his family are not taking any money off the table and will hold the proceeds of the sales -- roughly $720 million -- "on the balance sheet for future opportunities," according to the SBJ.

What's partial sale mean for the Patriots, New England fans?

The NFL installed a new policy in 2024 that allows private equity firms to buy stakes in teams. The Buffalo Bills, Los Angeles Chargers, and Miami Dolphins all sold stakes in the team to private equity firms over the last year. 

Grant Welker from Boston Business Journal joined WBZ-TV to discuss Thursday's news about the Krafts and the Patriots, and said it could lead to a better fan experience on Sundays. 

"What it will mean for fans is they may see more investments in the fan experience, the game experience. Whether it's a special fan package, maybe a luxury experience at Gillette Stadium," Welker told WBZ-TV's Paula Ebben. "We have seen the team make some investments in Gillette in recent years, including with the World Cup coming up next year."

The Patriots are currently in the process of building a new state-of-the-art training facility in Foxboro, and some of the funds could potentially go into making the facilities even better for players and the New England staff. 

Robert Kraft's Patriots ownership

A former Patriots season ticket holder, Kraft has been the most successful NFL owner since he purchased the Patriots for $172 million in 1994. New England has racked up 358 wins, 19 division titles, 33 playoff victories, and six Super Bowl championships with Kraft in the owner's box. Much of the team's success came with Tom Brady at quarterback and Bill Belichick on the sideline. 

The Patriots have made the postseason 28 times in franchise history, and 22 of those berths have come in the 31 years under Kraft, including an NFL-high 10 trips to the Super Bowl. Kraft's 33 playoff wins as an owner are the third-most in NFL history behind the Rooney Family in Pittsburgh (36) and the Green Bay Packers (37).