Dave Portnoy’s net worth and salary – What is it?
The net worth of Dave Portnoy, an American sports media figure and internet entrepreneur, amounts to $150 million. He accumulated this fortune as the founder of the digital sports powerhouse Barstool Sports. Portnoy engaged in a series of transactions, with the final one being the sale of Barstool to Penn Gaming in August 2022.
The initial majority stake sale occurred in 2016 to The Chernin Group. Penn Gaming acquired a 36% stake in January 2020 for $163 million. This acquisition included an option to buy the entire company. The final deal saw Penn Gaming purchase all of Barstool for $550 million. This transaction significantly impacted Portnoy’s wealth.
In a surprising turn of events on August 8, 2023, it was announced that Dave had re-acquired Barstool from Penn Gaming, becoming the sole owner after roughly a decade. Remarkably, Portnoy regained ownership for just $1.00. More details on this transaction will be discussed later in this article.
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Early Life
Born on March 22, 1977, in Swampscott, Massachusetts, David Portnoy graduated from Swampscott High School and later from the University of Michigan in 1999 with a degree in education.
He moved to Boston post-college and worked at the IT market research company Yankee Group.
In 2003, Dave established Barstool Sports as a print publication in the Boston metro area, offering fantasy sports predictions, gaming ads, and sports coverage. The website launch followed in 2007. Over the next decade, Barstool evolved into a significant sports media entity. Portnoy, known as “El Presidente” on the site, dedicated long hours, even working on weekends.
The content of the site combines sports coverage with other elements, described as a fusion of “ESPN and Girls Gone Wild.” This strategy proved successful, positioning BarstoolSports as a leading sports site online.
In 2017, Portnoy initiated a pizza review series, “One Bite with Davey Pageviews,” with the unofficial aim to review every Manhattan pizza place.
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Chernin Acquisition
In January 2016, Dave sold a Barstool stake to Peter Chernin’s The Chernin Group for $10 – $15 million. By 2018, Chernin had raised the stake to 60% with investments totaling $20 – $25 million. However, Portnoy maintained full control over the company’s content, which expanded to include podcasts, gambling content, merchandise, alcohol brands, TV shows, and more.
Penn National Acquisition #1
Penn National Gaming acquired a 36% stake in Barstool Sports at a $450 million valuation in January 2020. The initial cash transaction amounted to $163 million. Post this deal, The Chernin Group’s stake reduced from 60% to 36%, aligning with Penn National’s stake. Portnoy and a few key executives, including CEO Erika Nardini, retained the remaining 28%.
Penn Gaming Stock
Following the acquisition, Penn Gaming’s stock surged to a record high of $38. However, amidst the global pandemic, the stock plummeted to $7 by March 17, marking an 81% decline. By May 10, it rebounded to approximately $20. The price doubled by August, reaching around $50, and continued to rise to over $100 by January 2021, peaking at $130 in March 2021.
Portnoy’s Stock Holdings
According to a Penn Gaming Q1 2020 10-Q SEC filing, among the $163 million cash, nearly $23 million was allocated to convertible preferred stock, with $3 million kept for “forward arrangements.” The convertible stock could potentially translate into 0.50% of Penn Gaming’s market cap or 883,000 shares. Portnoy’s share was estimated to be around $16 million at a $10 billion valuation. Alongside his remaining $90 million from Barstool and previous transactions, Portnoy’s net worth was roughly $100 million.
Penn National Acquisition #2
In a subsequent step, Penn acquired another 14% of Barstool, reaching 50% ownership. Later, an SEC filing on August 17, 2022, disclosed Penn Gaming exercising its right to purchase the remaining 50% of Barstool for a total of $387 million.
Penn Sale Back To Portnoy
On August 8, 2023, the same day Penn announced an exclusive betting partnership with ESPN, Dave confirmed that he had regained full ownership of Barstool. The agreement included a non-compete clause and other mutually beneficial terms. Additionally, Penn would receive half the proceeds if Portnoy chose to sell Barstool at a later date. In a statement by Penn’s CEO:
“The divestiture allows Barstool to return to its roots of providing unique and authentic content to its loyal audience without the restrictions associated with a publicly traded, licensed gaming company.“
It was disclosed a day after the announcement that Dave re-acquired Barstool for a nominal fee of $1.00. The reason behind Penn’s decision to do so remains undisclosed.
In exchange for a nominal cash consideration ($1.00 dollar) and certain non-compete and other restrictive covenants, PENN sold 100% of the outstanding shares of Barstool to David Portnoy. The brand is arguably worthless without Dave, and it’s doubtful Dave would have ever worked under a new owner, as we mentioned before. Additionally, Penn retained the right to half the proceeds of Barstool if he ever sells the brand again. It’s likely that Penn Gaming is taking a writeoff on the value of the brand. In the same financial disclosure that revealed the Portnoy sale, Penn Gaming revealed it was planning to take an $850 million loss on Barstool, a combination of the $550 million it paid over the course of the aforementioned transactions AND $300 million in costs and investments made over the years. The sale also restricts Portnoy from working for a competing betting company or disparaging either ESPN or Penn Gaming.
In 2020, at the height of the COVID-19 pandemic, Dave donated $500,000 to the Barstool Fund, which was launched to help small businesses impacted by the crisis. Over time, the fund raised $39 million, which was distributed to nearly 350 small businesses.
Dave Portnoy was married to Renee Satherthwaite from 2009 to 2017. In 2021, he began dating Silvana Mojica.
In December 2019, a sex tape of Portnoy leaked. On two occasions, Business Insider alleged sexual misconduct against Portnoy. Dave not only denied it but launched a lawsuit against the publication. In November 2022, a federal judge dismissed the lawsuit. Portnoy filed an appeal of the dismissal but dropped it in February 2023.
In 2004, Dave Portnoy reportedly filed for bankruptcy protection after several large gambling losses, owing $59,000 to credit card companies and $18,000 to his father.
Dave Portnoy has been linked to several real estate purchases over the years, such as a $2.2 million Nantucket home, a $14 million Miami waterfront home, a house in the Hamptons for $9.75 million, and a $1.4 million Saratoga Springs property.
In September 2023, Dave paid $42 million for a waterfront mansion set on 1.2 acres on Nantucket. The price set a record for the area by roughly $5 million.
Data is from 2023 and 2024 and forecast data is for 2025 and 2026. We also expand the forecast data to 2027 and 2028.
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Dave Portnoy Net Worth (Money & Salary)
