Dave Portnoy buys Barstool Sports back from PENN amid $2B ESPN deal Dave PortnoyDave Portnoy announced that he purchased back Barstool Sports, as ESPN signed a $2B gambling deal with PENN Entertainment. In February, PENN Entertainment completed an acquisition of Barstool Sports for approximately $388 million. PENN\u2019s complete ownership only lasted a few months, as the entertainment company parted ways with Barstool for ESPN. On July 8, ESPN signed a licensing deal with PENN to create ESPN Bet, a new sportsbook. ESPN reported that \u201cPenn agreed to pay $1.5 billion in cash over 10 years, as well as grant ESPN $500 million of warrants to purchase approximately 31.8 million common shares of Penn.\u201d As part of the deal, BusinessWire confirmed that Penn sold 100% of Barstool Sports to Dave Portnoy \u201cin an exchange for certain non-compete and other restrictive covenants.\u201d Barstool also has to award 50% of the gross proceeds received in any subsequent sale or other monetization event of Barstool, but Portnoy explained how that won\u2019t be an issue. Dave Portnoy announces buyback of Barstool Sports In an emergency press conference, Portnoy announced that he bought back Barstool Sports. \u201cPENN was able to broker an unbelievable deal with ESPN. We wish them nothing but the best in their endeavors. It is truly a win-win.\u201d Portnoy criticized gambling regulators and \u201chit pieces f**king with the stock price\u201d for preventing the Barstool Sportsbook from reaching the heights both parties originally envisioned. \u201cWe underestimated just how tough it is for myself and Barstool to operate in a regulated world.\u201d Additionally, Portnoy explained how the purchase impacts Barstool Sports\u2019 future content. \u201cFor the first time in forever, we don\u2019t have to watch what we say, how we talk, or what we do. I am never going to sell Barstool Sports. I will hold it until I die;\u201d Portnoy said when that time does come, he\u2019ll pass it down within the company. What immediate impact this move has on Barstool Sports, its content, or the company\u2019s current employees remains to be seen.<\/p>\n","protected":false},"excerpt":{"rendered":"
Dave Portnoy buys Barstool Sports back from PENN amid $2B ESPN deal Dave PortnoyDave Portnoy announced that he purchased back Barstool Sports, as ESPN signed a $2B gambling deal with PENN Entertainment. In February, PENN Entertainment completed an acquisition of Barstool Sports for approximately $388 million. PENN\u2019s complete ownership only lasted a few months, as […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-46556","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts\/46556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/comments?post=46556"}],"version-history":[{"count":0,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts\/46556\/revisions"}],"wp:attachment":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/media?parent=46556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/categories?post=46556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/tags?post=46556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}