By: Economic & Finance Report
Dave Portnoy was able to retain the Barstool Sports platform for $1.00 from its former parent organization PENN Entertainment. If Portnoy agrees to sell Barstool Sports to another entity in the future; PENN will collect 50% of the proceeds of the sale in any future event. Mr. Portnoy has indicated he will not be selling Barstool Sports in the near future.
PENN Ent purchased Barstool Sports in 2020 for a valuation of $551 million. The deal increased Dave Portnoy’s net worth to over $100 million. PENN was looking to merge ESPN sportsbook platform and Barstools Sports platform to create a collective sportsbook platform called “ESPN Bet”. ESPN, Disney and PENN were in negotiations for a while to make the sportsbook platform a reality. -SB
Image Source: Business Insider