Barstool Sports Dave Portnoy (from live video)
Dave Portnoy, the enigmatic founder and owner of Barstool Sports, sold the majority of his company to casino operator Penn Entertainment for $387 Million. The full acquisition of the company comes after Penn Entertainment acquired 36% of the website in 2020 for $163 million in order to combine it with that company’s sports betting business.
Founded in 2003 in Milton, Massachusetts by Dave Portnoy, Barstool Sports is a digital media company that produces content focused on sports and pop culture.
The acquisition is expected to close in February 2023.
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On selling out from his own baby Barstool Sports, Dave Portnoy told FOX Business’ Stuart Varney, “First thing I gotta do, is I got to make sure I get the hell out of New York, right? And get down to Florida and establish some residency so the government can’t steal all my money.”
“This weekend, I’m going to Saratoga with some buddies,” added Portnoy. “I’m going to bet on the horses. So I’m just going to live the same lifestyle that I’ve always done, except maybe more extravagantly.”
Dave Portnoy added that he has an interest in Penn Entertainment saying, “The more Penn goes up, that’s my investment. The other stuff is all fun and games, but Penn is still where most of my net worth is tied up.”
Penn National Chief Executive Officer and President Jay Snowden said in a statement, “We are optimistic about our upcoming Barstool branded retail sportsbook launches in Kansas and Ohio where we operate similar market-leading properties bolstered by large casino databases that should augment our omni-channel strategy. Additionally, with the passage of sports betting in Massachusetts – the birthplace of Barstool Sports and home to our Plainridge Park Casino – we are excited to add yet another possible retail launch by the end of this year while mobile wagering is anticipated in 2023.”
Even though he is no longer the owner, Barstool Sports still sings Dave Portnoy’s praises. A blog post called him “The Last True American.” The post came in defense of Portnoy who is now feuding with right-wing commentators over his defense of abortion rights. The post said that Portnoy takes positions that offend both the right and the left and that Dave Portnoy has done more to help Americans than Congress has.
