Dave Portnoy Bought Barstool Back for a Reported $32 Million
Dave Portnoy bought Barstool Sports back from Penn National Gaming in a deal reported to be worth around $32 million. The transaction returned control of the company to Portnoy after Penn National acquired a majority stake in Barstool in 2020. Penn National paid roughly $163 million for a 36% stake in Barstool in that earlier deal, valuing the company at roughly $450 million at the time. The buyback effectively ended Penn National's ownership of the sports media brand and returned Barstool to its founder.
The deal structure involved Portnoy and his partners purchasing the shares Penn National held in Barstool. Penn National had been the majority owner after the 2020 investment, which was widely covered as a high-profile media and sports betting partnership. The buyback price was significantly lower than the original valuation, reflecting changes in the company's size and market position. The transaction was confirmed through public filings and company announcements, with details reported by financial and media outlets.
What Penn National Paid and the Original Barstool Valuation
Penn National Gaming acquired a 36% stake in Barstool Sports in 2020 for roughly $163 million, implying a pre-money valuation of about $450 million. The deal gave Penn National a controlling interest and integrated Barstool content with Penn National's sports betting operations. At the time, the investment was seen as a major bet on digital sports media and the growing sports betting industry. The deal was structured as a combination of cash and a convertible note, with Penn National also providing a $25 million loan to Barstool.
The original investment terms and valuation were disclosed in regulatory filings and press releases. Penn National's stake gave it significant influence over Barstool's operations and strategic direction. The company later increased its investment, deepening its integration with Barstool's content and platforms. The relationship between the two companies evolved as sports betting markets expanded and digital media consumption patterns shifted.
Barstool Sports Ownership and Business After the Buyback
After the buyback, Dave Portnoy regained full control of Barstool Sports, which continues to operate as an independent sports media company. Barstool's revenue streams include digital advertising, merchandise, sports betting partnerships, and content licensing. The company has expanded its podcast network, video production, and live event business in recent years. Barstool's valuation has been reassessed by analysts and industry observers following the change in ownership structure.
The company's current operations and financial performance are tracked by industry analysts and reported through various business publications. Barstool has continued to grow its audience and brand partnerships across digital platforms. The sports betting integration remains a key part of its business model, with partnerships across multiple operators. The company's trajectory under Portnoy's leadership reflects broader trends in digital media and sports entertainment.