Latest news with #Kraft
Boston Globe
3 hours ago
- Sport
- Boston Globe
Bill Belichick's rebuttal to Robert Kraft's ‘risk' comment did him no favors
Kraft, Advertisement Belichick's long retort came off as extremely thin-skinned. The relationship between these two must be worse than ever. Belichick took some undeserved shots from Kraft in Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up But Belichick is the one rewriting history. Belichick says he is the one who 'took a big risk' by taking the Patriots' job? Belichick wasn't exactly in high demand after going 36-44 with the Browns, and he lost out on the Raiders job to Jon Gruden. Kraft, though, did take a risk in trading a first-round pick for a sub-.500 coach with a dull demeanor at the podium. Another questionable claim: Belichick in 2000 took over a Patriots franchise that had 'dismantled' their 1996 Super Bowl team and 'became one of the worst in the AFC'? They went 10-6, 9-7, and 8-8 in three years under Pete Carroll, and only bottomed out at 5-11 after Belichick took over. Belichick in 2000 also inherited several players from the 1996 team, including Drew Bledsoe, Troy Brown, Terry Glenn, Tedy Bruschi, Ty Law, Lawyer Milloy, Willie McGinest, Ted Johnson, and Adam Vinatieri. Advertisement And while Van Natta, not Belichick, wrote that the Patriots ranked 31st out of 32 teams in spending since 1994, that stat has Belichick's fingerprints all over it. It also warrants a fact check since the Panthers and Jaguars didn't exist until 1995, the Ravens until 1996, the Browns didn't play from 1996-98, and the Texans didn't exist until 2002. Unfortunately, accurate cash spending data from the last 30 years is difficult to find. Belichick spent 25 years ignoring the noise, staying above the fray, and cultivating an image as a cunning, unflappable genius. A rapid transformation into the sensitive, media-hungry Belichick in the last six months is a surprising turn that is damaging his legacy. Ben Volin can be reached at
Mint
a day ago
- Business
- Mint
Kraft Heinz split: Cold cheeses are a burden for its hot sauces
When schools returned to in-person learning in the fall of 2021 after the pandemic, parents scrambled to find Lunchables to put in their children's backpacks. Today, the meal kit of processed meats and cheese may be off the menu amid the desire for healthier food, but its manufacturer, Kraft Heinz, is firmly on it. The company is exploring spinning off the division that makes Lunchables, alongside Kraft cheese and Oscar Mayer hot dogs from its faster-growing arm that makes ketchup. A split could deliver modest value for shareholders. The biggest upside, though, would come from tempting bidders to pay up for each of the individual companies. To recap: Warren Buffett's Berkshire Hathaway and private equity firm 3G Capital acquired J.H. Heinz for $28 billion, including debt, in 2013. Two years later, they merged it with Kraft Foods, the US grocery business that had been spun out of what would become Mondelez International (more on that later). Also Read: Face the M&A truth: Mergers are glitter but grit is gold But Kraft Heinz has grappled with changing consumer tastes and, most recently, the rise of GLP-1 weight-loss drugs. As sales have come under pressure, its shares have lost 70% since 2017. Little wonder then that the company said in May that it was 'evaluating potential strategic transactions" to boost its stock price. The logic for a split is straightforward. Kraft Heinz's sauces, spreads and condiments business, which generates annual sales of about $11 billion, is growing faster than processed meat and cheese. People are seeking more flavour in their food, particularly if their appetites shrink—either because they are getting older or taking obesity treatments. Freed from their more sluggish sibling, brands like Grey Poupon mustard and Lea & Perrins sauce could command a higher valuation multiple. There is a precedent here—ironically from Mondelez. After Kraft was spun off, Mondelez retained the sexier international, confectionary and snacking segments. It has delivered a total return of over 200% since October 2012, almost double the S&P 500 Packaged Foods Index, and trades at a forward enterprise value-to-ebitda multiple of about 15. Kraft Heinz's slower-growing grocery arm, which could have sales of about $14.5 billion, would be valued less generously. It would still be highly cash generative, though, so it could appeal to an investor looking for a steady dividend payer. Analysts at T.D. Cowen estimate that the sauces, spreads and condiments division could be worth $29.5 billion and the grocery arm about $25 billion. Together, that's only just ahead of Kraft Heinz's enterprise value of $51 billion. Also Read: To split up or not? Conglomerates should never go by off-the-shelf answers Given that much of the upside might be swallowed by the higher costs of operating both companies, why bother with a breakup? Because both companies might prove tantalizing to a bidder. This is exactly what happened in the case of Kellogg. The company spun off its North American cereals business as W.K. Kellogg Company in late 2023. The racier snack-foods arm, maker of Cheez-It and Pringles, was renamed Kellanova. Almost a year ago, Mars paid $36 billion, including debt, for Kellanova, a 44% premium to the share price in the preceding 30 days. Last week, privately held Ferrero International, maker of Nutella, agreed to buy W.K. Kellogg, whose brands include Froot Loops and Corn Flakes, for an enterprise value of $3.1 billion. The $23-a-share cash offer equated to a 40% premium to the share price in the preceding 30 days. Kraft Heinz's sauces, spreads and condiments arm would fit in McCormick's portfolio, an analyst at Bloomberg Intelligence told me, although there may be competition concerns. And now that Unilever is offloading its ice-cream business, might it be interested in bulking up in dressings? Also Read: The Godrej split holds valuable lessons for family businesses As for the grocery business, it could appeal to a private equity buyer drawn to its cash flow. One complication is that Kraft Heinz is expected to have net debt of just over $18 billion at the end of this year, and much of that is likely to be allocated to the food maker. This might make it harder for a financial buyer to load up on borrowings. Still, if this hurdle could be overcome, there could be scope to add other low-growth but cash-generative food businesses to build scale. If both of Kraft Heinz's component parts are as successful in selling themselves as Kellogg's, this would certainly be a tasty treat for investors. Since news of Kraft Heinz potentially doing the splits broke at the weekend, there has been much discussion of de-consolidation in the consumer sector. But like Lunchables leaving school bags, this looks more like a prelude to a corporate disappearing act. ©Bloomberg The author is a Bloomberg Opinion columnist covering consumer goods and the retail industry.
The Herald Scotland
2 days ago
- Sport
- The Herald Scotland
Bill Belichick, Robert Kraft feud over Patriots coaching change
The evidence suggests that the parting was far from mutual, however, with repeated sparring in the media following the bitter divorce. Belichick renewed the war again on July 16 in a statement to ESPN. "As I told Robert multiple times through the years, I took a big risk by taking the New England Patriots head coaching job," Belichick told ESPN. "I already had an opportunity to be the head coach of the New York Jets, but the ownership situation (there) was unstable." The coach claimed he was urged to remain with the Jets, rather than accept the job in New England. "I had been warned by multiple previous Patriots' coaches, as well as other members of other NFL organizations and the media, that the New England job was going to come with many internal obstacles," Belichick said. "I made it clear that we would have to change the way the team was managed to regain the previously attained success." The statement, which seemingly came out of left field, was in apparent response to something Kraft had said a week earlier on the "Dudes on Dudes" podcast with former Patriots, Julian Edelman and Rob Gronkowski. Kraft was asked to name his best decision as owner and responded by talking about Belichick - appearing to indicate that hiring the coach was the answer. "Well, the one that got questioned the most was in '99," Kraft said. "I gave up a No. 1 draft pick for a coach who had only won a little over 40% of his games. But getting Bill Belichick to come to the Patriots in 1999 was a big risk, and I got hammered in the Boston media. But he was with us for 24 years, and we did OK." Belichick seems to have taken issue with being called a "big risk" by Kraft, but the owner isn't wrong. Trading a first-round pick for a coach with a 36-44 record was far from a safe move. New England took a leap of faith, knowing they could've handed a top draft pick over to a bitter rival in their own division. It was the latest chapter in a saga that already saw Belichick omit Kraft from his book and an Apple TV documentary about the Patriots, which portrayed the coach as the bad guy. The duo went on to experience 24 years of success together, something neither side wants to let go of now. Recent history shows that they were better off together anyway. Kraft's Patriots fired Belichick's successor, Jerod Mayo, after one season with a 4-13 record. Belichick, on the other hand, has become unrecognizable in his post-Patriots life. Between various media appearances and the ongoing circus surrounding his relationship with 24-year-old Jordon Hudson, the 73-year-old is far from the person NFL fans knew for over two decades. Now Belichick is in the college ranks, set to make his debut as the head coach at the University of North Carolina in the fall. It's his latest attempt to move on in his football life, while trying to prove he can still coach at a high level. Once known for his cut-up hoodies and intimidating sideline demeanor, the ruler of the "Evil Empire" could've opted to walk away and ride into the sunset to await his moment of enshrinement at the Hall of Fame. Belichick ran his Patriots teams on the idea that they would move on from players a year early, rather than a year late. That seems to be the same concept Kraft employed to move on from the long-time coach. The previous unflappable, stoic coach finally met his match. And he's not going down without a fight. All the NFL news on and off the field. Sign up for USA TODAY's 4th and Monday newsletter.
Yahoo
3 days ago
- Entertainment
- Yahoo
Time for Robert Kraft and Bill Belichick to act like adults
Robert Kraft and Bill Belichick don't have to like each other. They don't have to hang out, but their repeated attempts to prop themselves up while making the other appear smaller is making both men look pathetic. Bill Belichick wouldn't have won six Super Bowls with the Jets. Robert Kraft wouldn't have hung six banners with Marty Mornhinweg as his head coach. And both of them would be walking around with way less bravado if not for Tom Brady. They were an odd mixture of personalities that were good for each other. But since parting company after the 2023 season, they've been sniping like the Real Housewives of Norfolk County. The latest round of nonsense started when Kraft went on Julian Edelman's weekly plea for attention that doubles as a podcast. On it, Kraft called hiring Belichick the best decision he ever made. That sounds really nice at first and could have been, but he took a dig at Belichick's coaching before getting to New England. 'I gave up a No. 1 draft pick for a coach that had only won a little over 40% of his games to get him out,' he said. 'I think getting Bill Belichick to come to the Patriots in 1999 was a big risk and I got hammered in the Boston media, but he was with us for 24 years and we did O.K.' Was this a reaction to Belichick leaving Kraft out of his book? And was that exclusion Belichick's reaction to 'The Dynasty,' the documentary that glorified Kraft, often at Belichick's expense? Could Kraft have worded it nicer? Of course. Did Belichick overreact? Probably. But at this point, who cares? They're both coming off looking needy and insecure. Kraft didn't cover any new ground, and he said it on a podcast. Even in the offseason, it barely made a ripple. Belichick used to ignore this stuff. Or at least he pretended to ignore it and came off as above the whole thing. And it would have been especially easy to do that here, too. If Belichick, who is now the coach at North Carolina, gets asked about it when he speaks at ACC Media Day next week — and most likely he won't — he could have believably said he doesn't listen to podcasts and he's focused on preparing Carolina. But with Jordon Hudson P.R. Inc. pulling the strings now, he didn't ignore it and proved there is such a thing as bad publicity. Belichick responded that it was he who was the big, brave risk-taker, not Kraft. 'I had been warned by multiple previous Patriots' coaches, as well as other members of other NFL organizations and the media, that the New England job was going to come with many internal obstacles,' Belichick said to ESPN. 'I made it clear that we would have to change the way the team was managed to regain the previously attained success.' Someone should make it clear to him that he needs to change the way he handles his public image if he wants to regain his previously attained respect. Even Belichick's staunchest defenders have to recognize the flaw in his strategy. By defending himself to ESPN, which has a much larger reach than the Edelmancast, Belichick gave Kraft's line far more attention. Plus, every time he takes the bait, Belichick looks disengaged from his current task. Opposing college coaches are going to use this against him on the recruiting trail. It'll be some version of: 'Look, he's still obsessed with his NFL legacy. He's not committed to Carolina. You should come play for us, where all we care about is college football.' If either guy really wanted to win this food fight, they'd jump to the high road. Kraft could post a video to the Patriots' social media with he and Drake Maye wearing UNC hats, wishing Belichick and the Tar Heels a great season. Or Belichick could post a clip congratulating Bill Parcells on his Patriots Hall of Fame induction and wish Kraft and the Patriots good luck in the year ahead. If one of them did that, they'd look classy and magnanimous and get tons of credit for it. As a bonus, they'd make the other one look petulant in the process. Until then, Belichick and Kraft are both diminishing their shared legacy and kicking some dirt on the memories of New England football fans every time they go down this path. Outtakes from a busy week... Make sure Manfred doesn't over do it The scariest thing about the positive response that baseball received from the 'Swing-Off' that ended the All-Star game is the potential synapses it fired off in Rob Manfred's head. The mini home run derby was fun. Because the All-Star game result doesn't matter, it could be gimmicky and still work. If any other commissioner were in charge, it would be safe to assume that was obvious. Adam Silver knows that a game of H.O.R.S.E. between Giannis Antetokounmpo and Shai Gilgeous-Alexander would be an entertaining way to break an NBA All-Star tie, but he'd never decide a real game that way. But with Manfred, there's reason for concern. Manfred is a tinkerer. He likes to put his grubby little fingers all over the sport he presides over, but doesn't seem to actually enjoy. He'd be better suited to be the show runner of The Price is Right than the commissioner of baseball. The pitch clock was a good idea and he deserves credit for it. But its success may have emboldened Manfred. This is the same guy who was considering adding a golden at-bat. Interleague play and the postseason have all been watered down on his watch. Hopefully, the dopamine hit he gets from seeing a Swing Off praised in the All-Star Game doesn't prompt him to consider it in real games, or worse, the playoffs. Speaking of surges On July 1, Fangraphs gave the Red Sox an 18.6 percent chance of making the playoffs. Coming out of the All-Star break, they're at 55.4. The 10-game winning streak has changed the team's trajectory and could make for a fun August and September. QBs visiting Gillette Stadium in 2025 I think the Patriots will be better in 2025, but I need to see them in action before committing to real optimism. That said, this is a list of the quarterbacks who will visit Gillette Stadium this season: Geno Smith Aaron Rodgers Bryce Young Whoever emerges from the battle of Kenny Pickett, Joe Flacco, Shedeur Sanders and Dillon Gabriel Michael Penix Justin Fields, Russell Wilson Tua Tagovailoa If they can't rack up some wins against those guy, they're in trouble. Real Jeopardy! Clue Sports clues from actual editions of America's favorite quiz show. As always, mind the date CATEGORY: CAN HE HIT FOR THE CYCLE? $600 July 15, 2025 (or Tuesday): The only cycle in MLB postseason history was by the Red Sox' Brock Holt in this enemy park where the Bosox love to get a victory — Answer below The Top 5 5 - Liam Doyle - There isn't a school system in Massachusetts that doesn't have at least three Liam Doyles (don't look it up) 4 - Ike Irish 3 - Boston Smith 2 - Bruin Agbayani 1 - Sam Horn Jr. - His father is a mailman, not the Sam Horn you're thinking of. Today in Boston Sports History July 18 From Red Sox Diehard 1998: Donnie Sadler's first major league home run is the first of Boston's record four two-out homers in a 9-4 victory over the Detroit Tigers. In the seven-run fourth inning, Darren Lewis, Nomar Garciaparra and Mo Vaughn follow to break the AL record of three held by six teams. Lightning round ESPN's Jim Abbott mini-documentary was terrific. If you like smoky beer, Jack's Abby is bringing back Fire in the Ham this weekend to its beer hall in Framingham. It's good and a nice find in a Beer Era that's oversaturated with IPAs. If MLB is going to decide tied All-Star games with Home Run Derbitos, they need to call it something better than a 'Swing-Off.' With all of the Superman hype, I'd totally watch a half-hour Clark Kent comedy about the Man of Steel using his powers (X-ray vision, super hearing etc.) to get scoops, make deadline. Real Jeopardy! Question: What is Yankee Stadium? Finally... Happy National Sour Candy Day to those who celebrate. More Outtakes Al Horford was a good player, but a great Celtic Only Aaron Rodgers could complain about attention to get attention Enough empty promises, Red Sox need to prove commitment to winning Ranking which team — Bruins, Celtics, Patriots or Red Sox — is closest to a title? Bruins passed on safer choices to chase Marco Sturm's higher ceiling Read the original article on MassLive.
USA Today
3 days ago
- Sport
- USA Today
Bill Belichick, Robert Kraft continue feud over Patriots coaching exit
Bill Belichick and Robert Kraft are waging their war in the court of public opinion – and neither side is winning. It has been less than two years since Belichick departed his post as the New England Patriots head coach after winning six Super Bowls in what's considered to be arguably the NFL's best dynasty. At the time, it was billed as a mutual parting of ways. The evidence suggests that the parting was far from mutual, however, with repeated sparring in the media following the bitter divorce. Belichick renewed the war again on July 16 in a statement to ESPN. 'As I told Robert multiple times through the years, I took a big risk by taking the New England Patriots head coaching job,' Belichick told ESPN. 'I already had an opportunity to be the head coach of the New York Jets, but the ownership situation (there) was unstable." The coach claimed he was urged to remain with the Jets, rather than accept the job in New England. 'I had been warned by multiple previous Patriots' coaches, as well as other members of other NFL organizations and the media, that the New England job was going to come with many internal obstacles," Belichick said. "I made it clear that we would have to change the way the team was managed to regain the previously attained success.' The statement, which seemingly came out of left field, was in apparent response to something Kraft had said a week earlier on the "Dudes on Dudes" podcast with former Patriots, Julian Edelman and Rob Gronkowski. Kraft was asked to name his best decision as owner and responded by talking about Belichick – appearing to indicate that hiring the coach was the answer. "Well, the one that got questioned the most was in '99," Kraft said. "I gave up a No. 1 draft pick for a coach who had only won a little over 40% of his games. But getting Bill Belichick to come to the Patriots in 1999 was a big risk, and I got hammered in the Boston media. But he was with us for 24 years, and we did OK." Belichick seems to have taken issue with being called a "big risk" by Kraft, but the owner isn't wrong. Trading a first-round pick for a coach with a 36-44 record was far from a safe move. New England took a leap of faith, knowing they could've handed a top draft pick over to a bitter rival in their own division. It was the latest chapter in a saga that already saw Belichick omit Kraft from his book and an Apple TV documentary about the Patriots, which portrayed the coach as the bad guy. The duo went on to experience 24 years of success together, something neither side wants to let go of now. Recent history shows that they were better off together anyway. Kraft's Patriots fired Belichick's successor, Jerod Mayo, after one season with a 4-13 record. Belichick, on the other hand, has become unrecognizable in his post-Patriots life. Between various media appearances and the ongoing circus surrounding his relationship with 24-year-old Jordon Hudson, the 73-year-old is far from the person NFL fans knew for over two decades. Now Belichick is in the college ranks, set to make his debut as the head coach at the University of North Carolina in the fall. It's his latest attempt to move on in his football life, while trying to prove he can still coach at a high level. Once known for his cut-up hoodies and intimidating sideline demeanor, the ruler of the "Evil Empire" could've opted to walk away and ride into the sunset to await his moment of enshrinement at the Hall of Fame. Belichick ran his Patriots teams on the idea that they would move on from players a year early, rather than a year late. That seems to be the same concept Kraft employed to move on from the long-time coach. The previous unflappable, stoic coach finally met his match. And he's not going down without a fight. All the NFL news on and off the field. Sign up for USA TODAY's 4th and Monday newsletter.
