Dave Portnoy Buys Back Barstool Sports

[Voight]

Dave Portnoy buys back Barstool Sports from PENN Entertainment

Barstool Sports founder Dave Portnoy has announced he's bought back the sports media company he created from PENN Entertainment.

www.dailymail.co.uk

Penn National sells Barstool back to Barstool, re-brands sports books for ESPN

The Barstool Sportsbook is no more.

www.nbcsports.com

It was always tough for Barstool being owned by a gaming company. You really have to play the PC Card to avoid pissing off the regulators & other vested interests.

Click to read more...

 

[MMC]

 

[Voight]

Absolute steal of a deal.

 

[awfulwaffle]

Not sure if they are doing it for show, but there's been some tiktok's out there, about people showing up late, leaving early, and doing not much of any work(one I saw was someone doing 7 blogs in the month of July). Seems like there is some cleaning up to do possibly there.

 

[StreetHawk]

Absolute steal of a deal.

Penn gets 50% of any sale of Barstool down the line. Question is when Portnoy passes, what happens as he said he doesn't plan to sell it again. I would imagine a company, controlled by Portnoy, not Portnoy himself is the official owner of Barstool now. But, that can be 25-40 years down the road as Portnoy is 46 this year.

 

[Satan]

viva

 

[Voight]

Not sure if they are doing it for show, but there's been some tiktok's out there, about people showing up late, leaving early, and doing not much of any work(one I saw was someone doing 7 blogs in the month of July). Seems like there is some cleaning up to do possibly there.

Portnoy calls out 'brain dead' Barstool employees on first day back

Portnoy announced on Tuesday that he is back as the sole owner of Barstool after PENN decided to end its relationship with the company and hand the reins back to him.

www.dailymail.co.uk

Penn gets 50% of any sale of Barstool down the line. Question is when Portnoy passes, what happens as he said he doesn't plan to sell it again. I would imagine a company, controlled by Portnoy, not Portnoy himself is the official owner of Barstool now. But, that can be 25-40 years down the road as Portnoy is 46 this year.

I dont believe he has kids but I think in his announcement he mentioned some of the other key guys would take over at that point. Dan "Big Cat" Katz being an example.

 

[GKJ]

$1??? Did he have an automatic buyback clause? Because I’m pretty sure, like, anybody in the world would’ve paid more than pocket change for it.

 

[Voight]

$1??? Did he have an automatic buyback clause? Because I’m pretty sure, like, anybody in the world would’ve paid more than pocket change for it.

He must've. Cause if I was a PENN shareholder I'd be losing my shirt right now.

 

[StreetHawk]

He must've. Cause if I was a PENN shareholder I'd be losing my shirt right now.

PENN gets to take the paper loss on the sale. Plus, Barstool was holding them back from the gaming business which is where the upside is for this transaction. Guessing, Portnoy must have had a clause to buy it back, which he probably never expected to.

Portnoy selling or passing on, could be a couple of decades down the line. Can you put in a clause in a legal document that when Portnoy passes, that Barstool needs to be sold?

 

[Voight]

Dave Portnoy Cashing Out Penn Stock After Clearing Up to $250M

Barstool Sports founder and again its sole owner Dave Portnoy is selling 1.2 million shares in Penn Entertainment, according to an SEC filing.

www.sportico.com

Portnoy got $30million after cashing out his Penn shares, but theres the possibility he got $200million+ when Penn bought Barstool.

 

[StreetHawk]

Dave Portnoy Cashing Out Penn Stock After Clearing Up to $250M

Barstool Sports founder and again its sole owner Dave Portnoy is selling 1.2 million shares in Penn Entertainment, according to an SEC filing.

www.sportico.com

Portnoy got $30million after cashing out his Penn shares, but theres the possibility he got $200million+ when Penn bought Barstool.

I recall an interview he and the CEO Erica did, where they talked about what they wanted in the deal and they did get a lot of Stock in PENN. I would imagine that his financial advisors told him to sell some of that stock since he's no longer the owner of Barstool and thus should diversify his portfolio. He more than likely cashed out some of the Penn stock.

There were some restrictions placed on Barstool in terms of their avenues for revenue. So, if that limits their revenue growth moving forward.

 

[tucker3434]

And on the barstool instagram feed this morning we get to hear Portnoy and gang talk about how the sales staff needs to be more like Wolf of Wall Street. I hope they don’t turn this into the Portnoy school of business. Stay in your lane.

 

[AtlantaWhaler]

Personal preference, but I would love for Barstool to return to more sports and gambling talk. I understand the pop culture stuff has been a revenue generator, but instead of like 15% sports talk, I'd love for that to increase to at least 50% sports/gambling talk.

 

[StreetHawk]

Barstool laid off 25% of the staff this past week. Given his comments it was not a surprise. When you say Staff has gotten fat and lazy, you need to cut some people.

 

[Voight]

Personal preference, but I would love for Barstool to return to more sports and gambling talk. I understand the pop culture stuff has been a revenue generator, but instead of like 15% sports talk, I'd love for that to increase to at least 50% sports/gambling talk.

If anything they can afford too now more than ever.

Portnoy already made generational wealth from his work there and now that is cost him. single dollar to buy it back, maybe he can steer it back to its original roots.

 

[tucker3434]

Based on Portnoy’s comments, Barstool isn’t in as good of shape as he would have made it appear in the immediate aftermath of the re-acquisition. I guess that jives with the $1 purchase price. Guess it should’ve been expected that they were having some issues separate from gaming regulations.