David Portnoy, the innovative mind behind Barstool Sports, was recently interviewed at the Trackside Live Stage in the LVMS Neon Garage prior to the South Point 400 Monster Energy NASCAR Cup Series playoff race on September 15, 2019, at Las Vegas Motor Speedway in Las Vegas, NV.
Chris WIlliams | Icon Sportswire | Getty Images
David Portnoy, the outspoken founder of Barstool Sports, has regained ownership of his media brand. He repurchased it from Penn Entertainment.
The exact value of the deal, announced on Tuesday, remains undisclosed. In February, Barstool Sports was valued at $606 million when Penn acquired the remaining shares it didn’t already own. Penn had become a minority owner in 2020.
In a post on Tuesday, Portnoy, who established Barstool Sports in 2003, stated that Penn and Barstool had chosen to go their separate ways. Penn confirmed that the divestiture was finalized in exchange for “non-compete and other restrictive covenants.”
Penn sold Barstool while simultaneously announcing an online sports-betting agreement with Disney-owned ESPN. This revelation led to a more than 15% increase in Penn’s stock price during after-hours trading.
As part of the deal, Penn will be entitled to 50% of the gross proceeds if Portnoy decides to sell or monetize Barstool.
— CNBC’s Lilian Rizzo contributed to this report.
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