Dave Portnoy Net Worth (Money & Salary)
Title: Dave Portnoy Net Worth (Money & Salary)
Last Updated: February 5, 2025
What is Dave Portnoy’s net worth and salary?
With a net worth of $150 million, Dave Portnoy is an American sports media personality and internet entrepreneur. His wealth comes primarily from his role as the founder of Barstool Sports, a leading digital sports brand. Over the years, David has sold parts of Barstool in several transactions, culminating in a sale to Penn Gaming in August 2022.
The first major transaction occurred in 2016 when he sold a majority stake to The Chernin Group. In January 2020, Penn Gaming purchased a 36% share from the founders for $163 million, which included an option to acquire the entire company later. This option was exercised in August 2022, as Penn Gaming acquired Barstool for a total valuation of $390 million, amounting to $550 million for the complete acquisition over time. Details regarding these transactions and their effects on Portnoy’s financial status will be discussed further in this article.
In a surprising development on August 8, 2023, it was reported that Dave had regained ownership of Barstool from Penn Gaming, making him the brand’s exclusive owner after nearly a decade. Reportedly, Dave reacquired Barstool for just $1.00—a figure that is indeed accurate. More details about this transaction are coming later in this article.
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Early Life
Born on March 22, 1977, in Swampscott, Massachusetts, David Portnoy graduated from Swampscott High School before moving on to the University of Michigan, where he earned an education degree in 1999.
Post-graduation, he relocated to Boston and took up a position at an IT market research firm called Yankee Group.
Barstool
In 2003, Dave established Barstool Sports as a print publication targeting the Boston metro area. Initially offering fantasy sports predictions, gaming advertisements, and sports coverage, the website subsequently launched in 2007. Over the following decade, Barstool transformed into an unexpected giant in the sports media world. During its formative years, Portnoy was known for frequently clocking in over 10 hours a day and even working weekends.
Dave is recognized on the platform as “El Presidente” or “Stool Presidente.” The content on the site features a blend of sarcastic sports commentary intertwined with appealing visuals of women. This unique branding has been likened to a fusion of “ESPN and Girls Gone Wild,” which seems to resonate well with audiences, making Barstool Sports one of the most visited sports websites today.
In 2017, he introduced a pizza review segment called “One Bite with Davey Pageviews,” aiming to assess every pizza establishment located in Manhattan.
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Chernin Acquisition
In January 2016, Peter Chernin’s The Chernin Group acquired a stake in Barstool from Dave for between $10 and $15 million. By 2018, Chernin had raised his investment to between $20 and $25 million, achieving a 60% stake. Despite this, Portnoy maintained full control over the company’s content, which eventually expanded to include podcasts, gambling content, merchandise, alcohol brands, and television shows.
Penn National Acquisition #1
In January 2020, Barstool Sports was partially acquired by Penn National Gaming, which purchased a 36% stake, valuing the company at $450 million. Initially, the cash amount exchanged was $163 million, and an option to invest an additional $62 million in the next three years was included to increase their stake to 50%.
Following the completion of this deal, The Chernin Group’s stake was cut from 60% to match Penn National’s 36%. The 28% ownership remained with Portnoy and several key executives, including CEO Erika Nardini.
Penn Gaming Stock
Shortly after the deal was announced, shares of Penn Gaming soared to an all-time peak of $38. However, following the global Coronavirus outbreak, the stock suffered a significant decline, dropping to $7 a share by March 17, representing an 81% decrease from its peak value.
By May 10, the stock rebounded to approximately $20 a share. By August, it had more than doubled to about $50 a share. By January 2021, shares surpassed $100, reaching $130 in March 2021.
Portnoy’s Stock Holdings
In a Q1 2020 10-Q SEC filing by Penn Gaming, it was revealed that from the $163 million in cash, around $23 million was classified as convertible preferred stock, while $3 million was allocated for “forward arrangements.” This convertible stock could be transformed into approximately 0.50% of Penn Gaming’s market capitalization or 883,000 shares.
With a market cap of $10 billion, a 0.50% stake would be valued at $50 million. Reportedly, Dave owned a third of this stake, which would equate to about $16 million based on the $10 billion valuation. When added to his estimated $90 million stake in Barstool and wealth from prior dealings, Dave Portnoy’s overall net worth can be projected at around $100 million.
Penn National Acquisition #2
At a later stage, Penn acquired an additional 14% of Barstool, achieving 50% ownership. On August 17, 2022, an SEC filing disclosed that Penn Gaming had executed its option to purchase the remaining shares of Barstool. Through two phases outlined in this transaction, Penn will ultimately pay $387 million to obtain the 50% of Barstool that it had not yet owned.
Penn Sale Back To Portnoy
On August 8, 2023, coinciding with their 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 clause, among other terms he referred to as a “win-win.” Additionally, should Portnoy sell Barstool in the future, Penn retains the right to half the profits. According to Penn’s CEO:
“The divestiture allows Barstool to return to its roots of providing unique and authentic content to its loyal audience without the restrictions associated with a publicly traded, licensed gaming company.“
Just a day after the agreement was made public, it came to light that Dave was able to re-acquire Barstool for a mere $1.00. Why would Penn agree to such terms? Primarily, the brand holds little value without Dave leading it, and it’s uncertain whether Dave would have accepted working under new ownership. Furthermore, as previously mentioned, Penn kept the right to half the proceeds from Barstool should Dave ever decide to sell it.
“`the brand once more. Additionally, it seems that Penn Gaming is writing off the brand’s value. Alongside the financial disclosure that unveiled the Portnoy sale, Penn Gaming disclosed plans to incur an $850 million loss related to Barstool. This loss appears to stem from a combination of the $550 million spent throughout the previous transactions and $300 million in investments and expenses incurred over the years. Furthermore, Portnoy is prohibited from working with any competing betting company and is restricted from making disparaging comments about either ESPN or Penn Gaming.
“PENN transferred 100% of Barstool’s outstanding shares to David Portnoy in exchange for a minimal cash consideration ($1.00) and certain restrictive covenants including a non-compete agreement.“
The Barstool Fund
In 2020, amid the COVID-19 pandemic, Dave contributed $500,000 to the Barstool Fund, which aimed to assist small businesses affected by the crisis. Over the following period, the fund successfully raised $39 million, benefitting nearly 350 small businesses.
Personal Life
From 2009 to 2017, Dave Portnoy was married to Renee Satherthwaite. In 2021, he began a relationship with Silvana Mojica.
(Photo by Michael Reaves/Getty Images)
In December 2019, a private video of Portnoy was leaked. Business Insider accused Portnoy of sexual misconduct on two different occasions. He not only refuted these allegations but also filed a lawsuit against the publication. In November 2022, a federal judge dismissed the case. Although Portnoy appealed the dismissal, he withdrew the appeal in February 2023.
In 2004, following substantial gambling losses, Dave Portnoy reportedly sought bankruptcy protection, owing $59,000 to credit card companies and $18,000 to his father.
Real Estate
Over the years, Dave Portnoy has been associated with various real estate acquisitions, including a $2.2 million home in Nantucket, a $14 million waterfront property in Miami, a $9.75 million house in the Hamptons, and a $1.4 million property in Saratoga Springs.
In September 2023, Dave purchased a waterfront mansion on 1.2 acres in Nantucket for $42 million, setting a record for the area by approximately $5 million.
Dave Portnoy Net Worth (Money & Salary)
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Data covers the years 2023 and 2024, with projections extending to 2025 and 2026. We will also extend the forecast data to include 2027 and 2028.
* This information was taken from various sources around the world, including these countries:
Australia, Canada, USA, UK, UAE, India, Pakistan, Philippines, Indonesia, Nigeria, Tanzania, Kenya, US, United Kingdom, United States of America, Malaysia, U.S., South Africa, New Zealand, Turkey, United Arab Emirates.
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Post Title: Dave Portnoy Net Worth (Money & Salary)
Last Updated: February 5, 2025