Dave Portnoy Net Worth (Money & Salary)

In January 2016, a stake in Barstool was sold by Dave to Peter Chernin’s The Chernin Group for an amount between $10 – $15 million. By 2018, Chernin had increased his investment to $20 – 25 million, allowing him to hold a 60% stake. Despite this, Portnoy kept 100% control over the company’s content, which eventually expanded to include podcasts, gambling content, merchandise, alcohol brands, TV shows, and more.

Penn National Acquisition #1

In January 2020, Barstool Sports saw a 36% stake acquired by Penn National Gaming, valuing the company at $450 million. Initially, the cash amount transacted was $163 million. Additionally, Penn National secured the option to invest another $62 million within three years to increase their stake to 50%.

Following the closure of this initial deal, The Chernin Group’s stake was adjusted from 60% down to 36%, which was now equal to that of Penn National. The remaining 28% continued to be owned by Portnoy and a few pivotal executives, including CEO Erika Nardini.

Penn Gaming Stock

Following the announcement, shares of Penn Gaming experienced a surge, reaching an all-time high of $38. However, amid the global Coronavirus outbreak, the stock price fell significantly. By March 17, it had dropped to $7 a share, amounting to an 81% decline from the peak price.

By May 10, the stock price rebounded to around $20 per share. By August, it had more than doubled, climbing to approximately $50 a share, and by January 2021, it surpassed $100 a share, hitting $130 in March of 2021.

Portnoy’s Stock Holdings

A Q1 2020 10-Q SEC filing from Penn Gaming indicated that out of the $163 million in cash, around $23 million was allocated as convertible preferred stock, with $3 million designated for “forward arrangements.” This convertible stock could later be transformed into roughly 0.50% of Penn Gaming’s market cap or 883,000 shares of the company.

At a market cap of $10 billion, a 0.50% stake would be valued at $50 million. It is reported that Dave owned one-third of that stake, which at the $10 billion valuation would equate to about $16 million. When this is added to his remaining estimated $90 million stake in Barstool and wealth from earlier deals, Dave Portnoy’s net worth is estimated to be around $100 million.

Penn National Acquisition #2

At a later point, Penn acquired an additional 14% of Barstool, raising its ownership stake to 50%. Then, on Wednesday, August 17, 2022, an SEC filing disclosed that Penn Gaming had exercised its option to buy the remaining part of Barstool. Across two outlined steps of this second transaction, Penn is set to pay a total of $387 million to acquire the 50% of Barstool that it did not already own.

Penn Sale Back To Portnoy

On August 8, 2023, coinciding with Penn’s announcement of a long-term exclusive betting partnership with ESPN, Dave disclosed that he had regained 100% ownership of Barstool. He also committed to a non-compete agreement and other terms that he described as a “win-win.” Moreover, he stipulated that if he sells Barstool in the future, Penn would retain the right to half the profits. From the Penn CEO:

“The divestiture enables Barstool to return to its original mission of delivering unique and authentic content to its dedicated audience, free from the constraints of being a publicly traded, licensed gaming company.“

The day following the announcement of this deal, it became known that Dave succeeded in re-acquiring Barstool for a minimal fee of $1.00. Why would Penn consent to such an arrangement? To start, the brand’s value greatly diminishes without Dave, and it’s unlikely that Dave would have agreed to work under a new owner. Additionally, as previously mentioned, Penn maintained the right to half the proceeds from Barstool in the event of a future sale.

“`the brand once more. Moreover, it appears that Penn Gaming is planning to write off the brand’s value. The financial disclosure that detailed the Portnoy transaction also indicated Penn Gaming’s intention to incur an $850 million loss related to Barstool. This figure likely reflects a combination of the $550 million previously paid throughout the discussions mentioned, in addition to $300 million allocated to costs and investments over the years. Additionally, the agreement prohibits Portnoy from engaging in employment with a rival betting company or from making negative statements regarding either ESPN or Penn Gaming.

“PENN transferred 100% ownership of Barstool’s outstanding shares to David Portnoy for a minimal cash payment ($1.00) along with specific non-compete and other restrictive agreements.“

The Barstool Fund

During the peak of the COVID-19 pandemic in 2020, Dave contributed $500,000 to the Barstool Fund, which was founded to assist small businesses affected by the health crisis. Eventually, this fund garnered $39 million, which was allocated to nearly 350 small enterprises.

Personal Life

From 2009 to 2017, Dave Portnoy was married to Renee Satherthwaite. He began a relationship with Silvana Mojica in 2021.

(Photo by Michael Reaves/Getty Images)

A sex tape featuring Portnoy was leaked in December 2019. Business Insider accused him of sexual misconduct on two separate occasions. Portnoy refuted these claims and filed a lawsuit against the publication. However, a federal judge dismissed the lawsuit in November 2022. Although Portnoy appealed this dismissal, he withdrew the appeal in February 2023.

Reportedly, in 2004, Dave Portnoy sought bankruptcy protection following significant gambling losses, accumulating debts of $59,000 to credit card companies and $18,000 to his father.

Real Estate

Over the years, Dave Portnoy has been associated with multiple real estate acquisitions, including a $2.2 million home in Nantucket, a $14 million property along the Miami waterfront, a $9.75 million house in the Hamptons, and a $1.4 million estate in Saratoga Springs.

As of September 2023, he purchased a waterfront mansion on 1.2 acres in Nantucket for $42 million, setting a new record for the region, surpassing by about $5 million.