Barstool Sports founder Dave Portnoy breaks down how he bought back his company for $1 after selling it for half a billion dollars to PENN Entertainment.
I don't know what the future is. We're willing to adapt, try anything. But I think this deal for Barstool, why I'm excited about it, it ensures we'll be around for another 20 years, 30 years," Portnoy said to FOX Business Stuart Varney.
Barstool Sports founder David Portnoy attends Game Seven of the 2022 NBA Playoffs Eastern Conference Semifinals between the Milwaukee Bucks and the Boston Celtics at TD Garden on May 15, 2022 in Boston, Massachusetts. In its first push towards expansion, PENN Entertainment, a casino-and-sports gambling company, completed its 36% stake in Barstool Sports for $163 million in 2020. Throughout 2021, Penn launched the Barstool Sportsbook mobile app throughout the U.S., making it available in 12 different states. In February 2023,To conclude its time with Barstool, Penn reached a 10-year $2 billion deal with ESPN, agreeing to rebrand the Barstool Sportsbook as "ESPN Bet.
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