"I told Myra I was going to buy the team," Kraft recalled. "She asked, 'How much?' I told her, 'It's $115 million, but it might go as high as $120 or 125 million.
"Then I got out there and it was a take-it-or-leave-it price of $172 million. I had to do it. You don't always get a second chance.
"Myra went cuckoo on me when I got back.
"It was one of the few times that we had conflict over a business decision of mine."
Kraft inherited coach Bill Parcells, quarterback Drew Bledsoe and 23 pieces of pending litigation against the team.
"I had trouble finding a Boston law firm that wasn't representing someone who had complaints against us," Kraft said.
Parcells was a dynamic leader, but he resented Kraft's interference in his personnel decisions. He was enraged when Kraft and vice president of player personnel Bobby Grier drafted Terry Glenn in 1996 over his objections. That sparked Parcells' famous utterance, "They want you to cook the dinner, at least they should let you shop for the groceries."
Parcells and young Bledsoe led the Patriots to Super Bowl XXXI, but following the 35-21 loss to Green Bay, Parcells did not travel back to Massachusetts with the team and soon after was hired by the New York Jets.
"Sustaining success is so hard, and the one thing I learned you can't have is division from within," Kraft said. Both men have since expressed regret on how they handled their tenure together. "We have a great relationship now," Kraft said. "It wasn't so much Bill Parcells, but how he operated.
"We can only deal with people who are thinking long term. Bill was day to day. He'd go down to Jupiter [Fla.] and play his doo-wop music and decide whether he wanted to come back the next year.
"Well, we have a salary cap and we have [a cornerback] Ricky Reynolds and these other people who are waiting for answers and we need to know.
"Bill had already won his Super Bowl. He had his reputation, to be honest.
"He did a lot for this franchise. He taught me a lot on how to get ready for the NFL. I'm lucky I had him.
"But I learned you can't be good in this business continuously unless you are thinking long term. Most football coaches are only thinking about what they have to do this Sunday."
Kraft has tried to balance the all-business-no-sentiment approach of coach Bill Belichick by investing in personal relationships with his stars. When former linebacker Tedy Bruschi awoke in the hospital after suffering a stroke, Kraft was there, waiting.
One of the more emotional days of Kraft's tenure was when Belichick permanently replaced Bledsoe, a Kraft favorite, with an untested Tom Brady.
"I stayed out of it, but I weighed in," Kraft said. "When the head coach says, 'Tell me what you want me to do,' I say, 'I want to hold you accountable for this decision.'
"When we traded Drew, I wanted to make sure it was a place where he'd get his full contract value. I valued his loyalty. He gave our franchise credibility."
Kraft promised Bledsoe he would one day be feted by the Patriots. Last winter, he was inducted into the team's Hall of Fame.
In the meantime, Brady quickly established himself as one of the greatest quarterbacks of his generation, leading the 2001 team to the Super Bowl against St. Louis and the Greatest Show on Turf.