Dave Portnoy Will NOT Sell His Penn Stock At Current Price
Get ready for some fake news cheese. Sportico, the same business news publication that broke the story on the Washington Commanders sale, put out a story today that Dave Portnoy sold all of his Penn Stock. That, of course, comes on the heels of the news that Portnoy bought 100% of Barstool Sports back from Penn.
The Barstool founder today put out a bunch of tweets today addressing the false rumors.
In the link in the first paragraph, it includes a video of Portnoy announcing the news that he owns the company again. In that video, he clearly states that he thinks the deal is a win-win and still holds a lot of Penn stock. Barstool cannot advertise or start their own sportsbook as part of the agreement. That doesn’t mean that his stock vanished.
Portnoy gave a pretty good reason as to why he’s not eager to give away his Penn Stock. Mostly because it keep crashing. It’s gone down again after the news of the Barstool divorce and pivot to deal with ESPN. As I’m writing this, the price of Penn Stock is roughly $23.50. It really doesn’t make sense to sell for that price.
If the deal with ESPN works, that price is going to go way up. Penn is obviously in a transition phase as of right now. Then again, maybe it’s fair to question if Penn has the right CEO in charge. If this deal with ESPN turns out to be a stinker, maybe it’s just better to get out now. In reality, there isn’t any reason to get rid of the stock. Plus, I’m sure Portnoy loves the fact that Penn can’t totally get rid of him after the deal. If it were me, that’s how I’d think.