American social media personality, businessman, blogger, and creator of the Barstool Sports website is Dave Portnoy. In 2003, he started Barstool Sports as a print publication. The company would eventually develop into a surprising sports media behemoth. Portnoy became wealthy after founding Barstool Sports, a digital sports company that he later sold for $163 million in two transactions.
Portnoy was born in Swampscott, Massachusetts, on March 22, 1977. He developed a love for sports early on and grew up playing football and baseball. Despite not participating in sports in college, Portnoy nevertheless chose to enroll in the University of Michigan, one of the nation’s top schools for athletics. In 1995, he attended the University of Michigan and earned a degree in education.
He started working at Yankee Group, a Boston-based technological research company, after graduating. Before quitting to create Barstool Sports, he worked there for four years.
The year after that, he started a pizza review series called “One Bite with Davey Pageviews.” The series aims to evaluate each pizza joint in Manhattan.
For $163 million in 2020, Penn National Gaming acquired a 36 percent share in Barstool Sports. The Chernin Group continued to own a 36 percent share in the business after the transaction.
He spent a portion of Super Bowl LIII in a holding area at Mercedes-Benz Stadium. After making fictitious passes to attend a press conference the day before, Portnoy was forbidden from going to the game.
Dave Portnoy’s Net Worth
The estimated net worth of David Portnoy is $80 million.
Portnoy became wealthy after founding the multi-platform sports company Barstool Sports. Over the course of two transactions, he sold some of the Barstool. In 2016, he first sold The Chernin Group the majority of his holdings. For $163 million in January 2020, Penn Gaming purchased a 36 percent share from the company’s founders.
Of the $163 million in cash, about $23 million was granted as convertible preferred stock, and $3 million was set aside for “forward arrangements,” per a Penn Gaming Q1 2020 10-Q SEC filing. The convertible stock can ultimately be converted into 883,000 shares of Penn Gaming, representing around 0.5% of Penn Gaming’s market capitalization.
Penn National Gaming
Casinos are run by the gambling corporation Penn National Gaming, Inc. in the US. Indiana, West Virginia, Pennsylvania, and Ohio are among the company’s segments. It owns or runs ten food and beverage outlets, two restaurants, one lounge theatre, three racetracks with around 1,500 video lottery terminals (VLTs), five off-track betting venues with over 3,000 VLTs, and eighteen facilities with about 8,400 slot machines, and seven casino hotels.
Six additional sites spread across Pennsylvania and West Virginia are also owned or managed by Penn National Gaming under a variety of ownership arrangements, including joint ventures (35%) and limited partnerships (7%). (58 percent ).
The Company announced on October 16, 2017, that it had teamed up with Barstool Sports to develop a brand-new digital media platform focused on casino gaming and lifestyle. Initiatives for content production, marketing, and advertising throughout the casino properties of Penn National Gaming were part of the agreement.
The investment was a game-changer for both businesses because it offered Barstool Sports access to a sizable casino-goer audience for the purpose of marketing its content. Additionally, it made Barstool’s distinct sense of comedy and irreverence available to Penn National Gaming.
For about 163 million dollars, Penn National Gaming purchased a 36 percent share in Barstool Sports. Barstool Sports was valued at $450 million at the time of acquisition. Portnoy and a few other company executives possess the remaining equity in the business.
From 2009 to 2017, Portnoy was wed to Renee Portnoy.