In a shocking development Tuesday, Barstool Sports founder Dave Portnoy has completely reacquired the company from PENN Entertainment.
Portnoy’s purchase comes as PENN Entertainment struck a deal with The Walt Disney Company to brand all of the organization’s current Barstool Sportsbooks as ESPN Bet in the 16 states where the company currently holds gambling licenses.
PENN Entertainment sold 100% of its stock in Barstool to Portnoy in exchange for non-compete agreements and other certain stipulations.
The gambling company completed its purchase of Barstool Sports earlier this year after previously acquiring a 36% stake in the digital outlet in 2020. In total, PENN Entertainment purchased complete control of Barstool Sports for $388 million.
In a video posted to X, formerly Twitter, Portnoy revealed the news.
“Maybe the biggest mercy press conference we’ve ever had here. PENN Entertainment and Barstool Sports have gone our separate ways as of this moment. While you were watching this video, I have purchased back Barstool Sports from PENN,” said Portnoy. “So, for the first time in a decade, I own 100% of Barstool Sports.”
Portnoy continued by saying he had “nothing but great things” to say about PENN, but added that a relationship with an organization that dealt with government regulations wasn’t an ideal partnership for the digital media outlet.
“We underestimated just how tough it is for myself and Barstool to operate in a regulated world, where gambling regulators, The New York Times, and Business Insider hit pieces f—ing with the stock price every time we did something, it was one step forward, two steps back,” admitted Portnoy. “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.”
The Barstool Sports founder shared that he views the future of the company as returning to its roots.
“This is now going to place for content, content, content content. Every time I think I’m out, they pull me back in,” concluded Dave Portnoy. “I’m not going anywhere, Barstool Sports. The pirate ship that cannons they will plunder for now next 100 years. So welcome back, back in control.”
