Victor Kiam, owner of a razor company, became principal owner of the New England Patriots and ended more than 4 months of negotiations to buy the National Football League team from the founding Sullivan family.
Billy Sullivan, 73, remains the Patriots’ president, while his sons, Pat and Chuck, will also stay, Pat as general manager.
The Sullivans said they looked on the purchase by Kiam and his partner, restaurateur Fran Murray, as a rescue from the franchise’s financial problems.
“I can have my cake and eat it, too,” Billy Sullivan said. “And I don’t have any financial worries.”
The deal had to clear several obstacles, including those caused by the Sullivan family’s debts, and the status of Sullivan Stadium at Foxboro, Mass., the team’s home.
Kiam would not discuss details, except to say he owned “at least 51%" of the club. He described his title as “winner,” and said he was willing to make a financial commitment to winning.