How Much Did It Cost Dave Portnoy To Buy Barstool Sports Back From Penn?
I’m still shocked by the news that has happened today. We knew the marriage between Barstool Sports and Penn Entertainment was rocky dating back to the Ben Mintz saga. However, what you’re about to read in this post may shock you to the point of how damaging the relationship must have been. If you haven’t heard by now, Dave Portnoy now owns 100% of Barstool Sports.
Portnoy isn’t just back in charge of Barstool, Penn Entertainment is now rebranding its gambling product. Penn has struck a deal with ESPN. Yes, that means Bet ESPN is a thing now and will be dropping this Fall.
However, one important question still hasn’t been answered. Exactly how much did it cost Portnoy to buy Barstool back? This answer is going to shock you.
Talk about the heist of the century. Dave Portnoy really might be the luckiest guy in the world. Talk about a $500 million mistake. Penn completed the Barstool sale back in February. For Portnoy to buy the company back for nothing in this short period of time is complete Looney Tunes. That’s really the only way to describe it.
It sounds like the biggest part of the deal is the fact that Portnoy can’t compete in the gambling sphere anymore. That means no more Barstool SportsBook. Bet ESPN is a thing now, I guess. Portnoy also has to give 50% of a potential sale back to Penn. However, based on what Portnoy had to say, it sounds like he’s holding onto it for life. After he dies, it will get passed down to one of his guys.
This might go down as the biggest heist in Sports Media history. Imagine selling your company for $500+ million and getting it back for free. Insane…
