Penn Entertainment finalized its acquisition of Barstool Sports from The Chermin Group earlier this year for approximately $338 million, bringing with it the loyal, dedicated following of the digital sports and entertainment brand and now, the future of Barstool’s founder, however, is in doubt.
Dave Portnoy recently appeared on The Kirk Minihane Show and expressed uncertainty regarding whether or not he would reach a contract extension with Penn National. He is not sure what the brand’s parent company is thinking regarding his future, and he publicly opposed the firing of Ben Mintz earlier this month.
“Who knows where I’ll be in three [or] four years,” Portnoy said. “I think Dan [Katz], which I would say is very good for Barstool, is clearly locked in for a long time. He’s creating this huge fantasy factory there. I think it’s great for Barstool.”
Barstool Sports has launched a sportsbook that is in the midst of being licensed in different locales around the United States, and Portnoy is aware sports betting is a priority for Penn National over the ensuing years. If his contract was not renewed upon expiration, Portnoy would have to consider several options regarding what to do in the future.
“Would I just do a podcast a week that’s totally unfiltered? Would I enjoy doing that? Maybe,” Portnoy said, noting that his contract expires in a little less than 2 years. “There’s a part of me that thinks I’d be like, ‘Okay, I’m done.’”
One of the things he has considered though is launching a pizza review show on Netflix, perhaps similar to what Anthony Bourdain did during his time as a celebrity chef.
One thing he is not interested in doing is cultivating an entirely new media business, but he genuinely does not know what Penn National is thinking as it pertains to his future with the brand.
Certainly though, Penn National wants to ensure it retains gambling licenses, and having controversial Barstool Sports personalities could at times complicate the situation. Moving on from Portnoy has the potential to redefine the brand itself, something that could ultimately prove harmful in the eyes of its dedicated legion of consumers.
