Dave Portnoy is one of the most prominent personalities in the media world. This American businessman and blogger is known for his business tactics, for which he always manages to stay in the headlines. Not many days have passed since news about his multi-million-dollar company, Barstool Sports, broke into the headlines. It was reported that Portnoy had sold his company to a prominent business firm.

But a new update on this deal has shaken the internet and the sports world. He has announced that he has regained ownership of the company that he founded in 2003. The highlight of this deal is the amount that he has spent to buy back his company. Days after this deal Portnoy has shared a captivating post on his social media.

Dave Portnoy buys himself a gift

On Wednesday, Portnoy shared another news on his official X handle (formerly Twitter) and captioned it, “I bought myself a present tonight. Goodnight.” He has shared two pictures and a video with the news, one of which says Barstool is Back, and an amount of $650,000 is also mentioned in the picture. There was a video and a picture of a horse as well. He commented, “I Love her,” on the same post. It was reported that Portnoy has spent only 100 pennies—yes, only $1—to buy back Barsto0l Sports from Penn Entertainment. This $1 deal follows after Penn Entertainment’s $2 billion sports betting agreement with ESPN on Tuesday. During the fall of the season, Penn’s online sportsbook, formerly Barstool Sportsbook, will get its new name, ESPN Bet.

In 2019, Penn Entertainment bought 38% of the stakes after spending $163 million, and at the beginning of this year, Penn assumed complete ownership of Barstool by acquiring the remaining stakes for $388 million. But it looks like all is not well with Penn, as in a filing on Wednesday, they stated that they are expecting an $850 million loss on their investment. Additionally, the company maintains the right to receive 50% of the earnings if Portnoy decides to sell or capitalize on Barstool down the line. In return for $1, Penn exchanged all the outstanding shares of Barstool with Dave Portnoy, which also included specific non-compete and other limiting agreements. Portnoy also shared a video on Twitter recently about buying back the rights to his company.

His announcement of buying back the ownership

On August 9, he posted a video on Twitter and said it was an emergency conference and stated Penn Entertainment and Barstool Sports have gone separate ways. He further added that while everyone is watching this video, he has purchased a bar stool from Penn. With this, he becomes the 100% owner of Barstool Sports and is the controller of everything after more than a decade. Talking about the deal, he said he and Penn did it about three years ago, and both parties were really optimistic about the deal.

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He said it became really difficult for him to handle Barstool in a regulated environment, and every time he decided to do something, he said, “It was one step forward, two steps back.” Barstool also got denied the license, and there were several other issues that the company has faced in the last few months. He also said that he was never going to sell Barstool Sports again and was going to hold the ownership until his last breath.

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