In a surprising turn of events Dave Portnoy has reacquired the company he sold for $551 million, Barstool Sports, for one dollar.
The transaction took place on Tuesday as Penn Entertainment (PENN), Barstool’s former parent company, parted ways with 100% of its outstanding Barstool shares. This unforeseen move comes on the heels of Penn Entertainment’s partnership with ESPN to rebrand their existing sportsbook without the inclusion of Barstool Sports. Penn had secured a stake in Barstool in 2020, gaining full control in February 2023 through a deal valued at $551 million.
According to Portnoy, Penn Entertainment chose to part with Barstool Sports due to the challenging regulatory landscape of the gambling industry, a space where his own reputation, along with that of Barstool, made operations impossible.
“Every time we did something, it was one step forward, two steps back. We got denied licenses because of me. You name it. So the regulated industry is probably not the best place for Barstool Sports and the type of content we make,” said Portnoy.
“For the first time in forever, we don’t have to watch what we say, how we talk, what we do—it’s back to the pirate ship.”
While this acquisition by Portnoy marks a fresh start for Barstool Sports, it’s essential to note that Penn Entertainment sealed a substantial $2 billion deal with ESPN to rebrand Barstool Sportsbook as ESPN Bet, building upon PENN’s existing sportsbook offerings.
As of August 2023, Dave Portnoy boasts a net worth of $100 million, according to Celebrity Net Worth.
