Dave Portnoy Net Worth (Money & Salary) 2024 (2024)

Find out Dave Portnoy’s net worth and salary information

Dave Portnoy, the American sports media figure and internet entrepreneur, has a net worth of $150 million. His fortune was primarily acquired as the founder of Barstool Sports, a digital sports powerhouse. Portnoy completed several transactions selling portions of Barstool, with Penn Gaming’s final acquisition in August 2022 reaching a valuation of $390 million. For more details on these deals and their impact on Portnoy’s wealth, continue reading below.

Interestingly, on August 8, 2023, Dave reacquired Barstool from Penn Gaming, becoming the sole owner for the first time in about ten years. The remarkable part is that Portnoy reportedly regained ownership for a symbolic sum of $1.00. More information on this acquisition is provided later in this article.

Initial Years

Born on March 22, 1977, in Swampscott, Massachusetts, David Portnoy graduated from the University of Michigan in 1999 with a degree in education. He later moved to Boston and worked for an IT market research company called Yankee Group.

In 2003, Dave established Barstool Sports as a print publication catering to the Boston metro area, offering fantasy sports predictions, gaming ads, and sports coverage. The website was launched in 2007, and over the next decade, Barstool evolved into a prominent sports media entity. Known by the pseudonym “El Presidente,” Portnoy was dedicated, often working long hours even on weekends during the early days of the site.

The content mix on the site combines snarky sports coverage with visually appealing content, earning comparisons to a blend of “ESPN and Girls Gone Wild.” The formula has proven successful, making BarstoolSports a leading sports platform online.

In 2017, Dave initiated a pizza review series titled “One Bite with Davey Pageviews,” aiming to critique every pizza place in Manhattan.

The Chernin Connection

In January 2016, Portnoy sold part of Barstool to The Chernin Group, owned by Peter Chernin, for an initial sum of $10 – $15 million. By 2018, the total investments from Chernin towards a larger stake reached $20 – 25 million, giving him 60% ownership. Throughout this period, Dave retained full control over the content of the company, expanding its offerings to podcasts, gambling content, merchandise, alcohol brands, TV shows, and more.

Initial Penn National Investment

In January 2020, Penn National Gaming acquired a 36% stake in Barstool Sports at a valuation of $450 million. The initial transaction involved a cash payment of $163 million, and Penn National obtained an option to increase its ownership to 50% through an additional investment of $62 million over three years.

Following this initial deal, The Chernin Group’s 60% stake was reduced to 36%, aligning with Penn National’s share. The remaining 28% was collectively held by Portnoy and key executives including CEO Erika Nardini.

The Penn Gaming Stock Journey

Subsequent to the announcement, Penn Gaming’s stock experienced moments of volatility. While the stock surged to an all-time high of $38 shortly after the deal, it faced a sharp decline due to the global pandemic. By March 17, shares had plummeted to $7, an 81% drop from the peak.

Despite the challenges, by May 10, the stock recovered to around $20 and further escalated to over $50 by August. The positive trend continued, with prices exceeding $100 by January 2021 and reaching $130 in March that year.

Analysing Portnoy’s Stock Portfolio

Based on a Penn Gaming SEC filing from Q1 2020, the $163 million cash influx included roughly $23 million in convertible preferred stock and $3 million for “forward arrangements.” The convertible stock had the potential to translate into approximately 0.50% of Penn Gaming’s market cap or 883,000 shares of the company.

Assuming a market cap of $10 billion, a 0.50% stake equated to $50 million. Portnoy was speculated to own a third of this amount, approximately $16 million, in the highlighted scenario. Combined with his residual $90 million stake in Barstool and proceeds from prior deals, Portnoy’s net worth was estimated around $100 million.

Later Penn National Purchase

At a subsequent stage, Penn expanded its ownership to 50% by acquiring an additional 14% stake in Barstool. Then, on August 17, 2022, a revealing SEC filing disclosed Penn Gaming’s decision to buy the remaining 50% of Barstool. Through this two-step acquisition, Penn committed to paying $387 million to secure full ownership.

Portnoy’s Regained Ownership from Penn

Announced on August 8, 2023, the same day Penn unveiled an exclusive betting partnership with ESPN, Dave announced his successful reacquisition of 100% ownership of Barstool. Overseeing a non-compete clause and other favorable terms, Portnoy described the deal as mutually beneficial. Additionally, if Portnoy decides to sell Barstool in the future, Penn is entitled to half of the proceeds. 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.“

Following the agreement, reports surfaced indicating that Dave secured 100% ownership by paying only $1.00 for the acquisition. The reasoning behind Penn’s agreement to this nominal fee arrangement is a point of intrigue.

Why such a deal? First, the brand’s value relies heavily on Dave, who likely wouldn’t have stayed under new ownership. Additionally, Penn retains half the proceeds if Barstool is sold again. Moreover, Penn Gaming is expected to write off the brand’s value, with plans to take an $850 million loss, encompassing previous transactions’ $550 million and $300 million in expenses. Portnoy is also restricted from joining a competing betting company or making negative remarks about ESPN or Penn Gaming.

“PENN sold 100% of Barstool’s shares to David Portnoy for a nominal cash amount of $1.00, along with restrictive covenants.“

In 2020, amidst the COVID-19 crisis, Dave donated $500,000 to the Barstool Fund, aiding affected small businesses. The fund amassed $39 million, benefiting nearly 350 enterprises.

Personal Life

Between 2009 and 2017, Dave Portnoy was married to Renee Satherthwaite. Currently, he is in a relationship with Silvana Mojica.

A sex tape of Portnoy surfaced in December 2019. Business Insider accused him of misconduct twice. While Dave denied the allegations and sued the publication, a federal judge dismissed the case in November 2022. An appeal was filed but dropped in February 2023.

In 2004, Dave filed for bankruptcy due to significant gambling losses, owing $59,000 to credit card companies and $18,000 to his father.

Real Estate

Over the years, Dave Portnoy has been associated with various real estate purchases, including a $2.2-million Nantucket residence, a $14-million Miami waterfront property, a $9.75-million Hamptons house, and a $1.4-million Saratoga Springs estate.

In September 2023, Dave acquired a Nantucket waterfront mansion for $42 million, setting a local record roughly $5 million higher.

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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