Dave Portnoy is an American sports media figure and internet entrepreneur who has a net worth of$ 100 million. Dave Portnoy has earned his fortune as the author of digital sports hustler, Barstool Sports.
David has vended portions of Barstool over several deals, ending with a final sale in August 2022.
He first vended a maturity stake in 2016 to The Chernin Group. In January 2020, Penn Gaming acquired a 36 stake from the authors for$ 163 million. This purchase came with an option to buy the entire company at a future date. In August 2022, Penn Gaming exercised that option to buy Barstool outright at a valuation of$ 390 million. From launch to finish, Penn Gaming paid$ 550 million to buy all of Barstool. further on these deals, and their impact on Dave wealth, latterly in this composition.
Early Life
Dave Portnoy was born on March 22, 1977 in Swampscott, Massachusetts. After graduating from Swampscott High School he went on to the University of Michigan where he graduated in 1999 with a degree in education.
After council he moved to Boston where he worked for an IT request exploration company called Yankee Group.
Barstool
Dave innovated Barstool Sports in 2003 as a print publication for the Boston metro area. The paper offered fantasy sports prognostications, gaming advertisements and sports content. The website was launched in 2007. Over the coming 10 times, Barstool would grow into an doubtful sports media hustler. In the point’s early days Dave Portnoy was known to regularly put in 10 hour days, while still working on both Saturdays and Sundays.
On the point Dave goes by the title” El Presidente” or” Stool Presidente”. The point is a blend of snarky sports content and seductive women. The brand has been described as a admixture between” ESPN and Girls Gone Wild.” This combination is supposedly working well, as BarstoolSports is one of the most popular sports spots on the internet moment.
In 2017 Dave Portnoy launched a pizza review series called” One suck with Davey Pageviews”. The unofficial thing of the show is to review every pizza place in Manhattan.
Chernin Acquisition
In January 2016, it was reported a maturity stake in Barstool had been acquired by Peter Chernin’s The Chernin Group for$ 10 –$ 15 million. By 2018, Chernin had invested$ 20 – 25 million to increase his stake to 60. Dave Portnoy remained 100 in control of the company’s content which ultimately included podcasts, gambling content, wares, alcohol brands, television shows and further.
Penn National Acquisition# 1
In January 2020, Penn National Gaming acquired a 36 stake in Barstool Sports at a valuation of$ 450 million. The total quantum of cash transacted originally was$ 163 million. Penn National also bought the option to pay an fresh$ 62 million within three times to bring its stake up to 50.
Incontinently after this original deal closed, The Chernin Group’s 60 stake was reduced to 36, matching Penn National’s stake. The remaining 28 was still possessed by Dave Portnoy and a many crucial directors like CEO Erika Nardini.
Penn Gaming Stock
In the days incontinently after the advertisement shares of Penn Gaming surged to what was also an all- time high of$ 38. In the wake of the worldwide Coronavirus outbreak, Penn’s stock declined. By March 17, the stock had slid to$ 7 a share, an 81 drop from the peak.
By May 10, it had risen back over to around$ 20 a share. By August it had further than doubled to around$ 50 a share. By January 2021, it had risen to over$ 100 a share. The stock hit$ 130 in March of 2021.
Dave Portnoy Stock effects
According to a Penn Gaming Q1 2020 10- Q SEC form, of the$ 163 million in cash, roughly$ 23 million was given as convertible favored stock and$ 3 million was set aside as” forward arrangements”. The convertible stock could eventually be converted into roughly0.50 of Penn Gaming’s request cap OR,000 shares of Penn Gaming.
When Penn Gaming’s request cap was$ 10 billion, a0.50 stake was worth$ 50 million. Dave reportedly possessed1/3 of that stake which – at the$ 10 billion valuation illustration – worked out to around$ 16 million. When combined with his remaining roughly$ 90 million stake in Barstool, and wealth from former deals, we estimate Dave Portnoy’s net worth at$ 100 million.
Penn National Acquisition# 2
At some point Penn latterly acquired an fresh 14 of Barstool to give it 50 power. also, on Wednesday, August 17, 2022, an SEC form revealed that Penn Gaming had exercised its right to buy the remaining portion of Barstool. Over two way outlined in this alternate sale, Penn will eventually pay$ 387 million to acquire the 50 of Barstool it didn’t preliminarily own.
The Barstool Fund
In 2020, at the height of the COVID- 19 epidemic, Dave bestowed$,000 to the Barstool Fund which was launched to help small businesses impacted by the extremity. Over time the fund raised$ 39 million which was distributed to nearly 350 small businesses.