Dave Portnoy Net Worth (Money & Salary)

Dave Portnoy Net Worth (Money & Salary)

<span class="aio-style"><span>Dave Portnoy Net Worth (Money & Salary)</span></span>
February 9, 2025


What is Dave Portnoy’s net worth and salary?

Dave Portnoy, an American sports media personality and entrepreneur, has amassed a net worth of $150 million. His wealth primarily stems from founding the digital sports giant, Barstool Sports. Over several transactions, David sold stakes of Barstool to multiple buyers, culminating with a deal to Penn Gaming in August 2022.

Initially, he sold a majority stake in 2016 to The Chernin Group. Then in January 2020, Penn Gaming acquired a 36% share from the founders for $163 million, which included an option to buy the entire company later. In August 2022, that option was exercised, and Penn Gaming purchased Barstool outright for a valuation of $390 million, bringing the total spent on Barstool to $550 million. Details on how these transactions affected Portnoy’s wealth will be discussed later in this article.

In an unexpected turn of events on August 8, 2023, it was announced that Dave had re-acquired Barstool from Penn Gaming. This deal marked Portnoy’s return as the sole owner of the brand for the first time in nearly a decade. Reportedly, he re-acquired Barstool for just $1.00, which is indeed not a typo. More details on this transaction will follow later in the article.

Dave Portnoy net worth

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Early Life

Born on March 22, 1977, in Swampscott, Massachusetts, David Portnoy attended Swampscott High School before enrolling at the University of Michigan, where he earned a degree in education in 1999.

Post graduation, he relocated to Boston and took up a position with an IT market research firm named Yankee Group.

Barstool

In 2003, Dave founded Barstool Sports initially as a print publication targeting the Boston metro area, featuring fantasy sports insights, gaming advertisements, and sports reporting. The accompanying website went live in 2007. Over the next decade, Barstool evolved into an unexpected titan in sports media. During the early days of the site, Portnoy often dedicated over 10 hours a day, working through both weekends.

On the site, he is known as “El Presidente” or “Stool Presidente,” offering a blend of sarcastic sports commentary with appealing visuals. The brand has been likened to a combination of “ESPN and Girls Gone Wild.” This unique approach has evidently paid off, as BarstoolSports ranks among the most visited sports platforms online today.

In 2017, Portnoy introduced a pizza review segment titled “One Bite with Davey Pageviews,” with the unofficial aim of evaluating every pizzeria in Manhattan.

David PortnoyDavid Portnoy

Adam Glanzman/Getty Images

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Chernin Acquisition

In January 2016, a stake in Barstool was sold by Dave to Peter Chernin’s The Chernin Group for a sum ranging between $10 and $15 million. By 2018, Chernin had invested between $20 and $25 million, increasing his ownership stake to 60%. Meanwhile, Portnoy maintained complete control over the company’s content, which eventually expanded to include podcasts, gambling content, merchandise, alcohol brands, TV shows, and much more.

Penn National Acquisition #1

In January 2020, a 36% stake in Barstool Sports was acquired by Penn National Gaming, valuing the company at $450 million. The initial cash transaction amounted to $163 million. Additionally, Penn National secured the option to invest an extra $62 million over the next three years to increase its ownership to 50%.

As soon as this initial deal was finalized, The Chernin Group’s stake was reduced from 60% to 36%, now aligning with Penn National’s share. Portnoy and a few key executives, including CEO Erika Nardini, retained ownership of the remaining 28%.

Penn Gaming Stock

Following the announcement, shares of Penn Gaming soared to an all-time high of $38. However, in the aftermath of the global Coronavirus outbreak, the stock experienced a significant drop. By March 17, shares had fallen to $7 each, marking an 81% decrease from their peak.

By May 10, the stock rebounded to approximately $20 a share. Come August, it more than doubled, reaching around $50 per share. By January 2021, the stock climbed beyond $100 a share, even hitting $130 by March of 2021.

Portnoy’s Stock Holdings

According to a Q1 2020 10-Q SEC filing by Penn Gaming, of the $163 million cash amount, approximately $23 million was allocated as convertible preferred stock, and $3 million was reserved for “forward arrangements.” This convertible stock could eventually be exchanged for about 0.50% of Penn Gaming’s market capitalization or 883,000 shares of the company.

When Penn Gaming’s market cap reached $10 billion, a 0.50% stake equated to $50 million. Dave was reportedly entitled to 1/3 of that stake, which meant approximately $16 million based on the $10 billion valuation scenario. When added to his remaining approximately $90 million stake in Barstool and wealth accumulated from previous transactions, Dave Portnoy’s estimated net worth stands at about $100 million.

Penn National Acquisition #2

Subsequently, Penn acquired an additional 14% of Barstool at some point, ultimately achieving 50% ownership. On Wednesday, August 17, 2022, an SEC filing disclosed that Penn Gaming exercised its option to purchase the remaining share of Barstool. Through two steps detailed in this second transaction, Penn plans to pay a total of $387 million for the 50% of Barstool that it did not previously own.

Penn Sale Back To Portnoy

On August 8, 2023, the same day that Penn announced a long-term exclusive betting partnership with ESPN, Dave disclosed that he had regained full ownership of Barstool. He also consented to a non-compete agreement, among other conditions he termed as a “win-win.” Additionally, if Portnoy were to sell Barstool in the future, Penn retains the right to half the proceeds. As stated by 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.

The day after the announcement, it was revealed that Dave managed to re-acquire Barstool for a nominal fee of just $1.00. Why might Penn come to such an arrangement? Primarily, the brand is arguably without value without Dave’s involvement, and it is questionable whether Dave would ever accept working under a new ownership. Furthermore, as previously mentioned, Penn maintained the right to half the proceeds from Barstool in the event of a future sale.

“`the brand once more. Additionally, it’s probable that Penn Gaming is recognizing a write-off for the brand’s value. Accompanying the financial report that disclosed the Portnoy sale, Penn Gaming announced plans to incur an $850 million loss related to Barstool. This figure likely combines the $550 million spent throughout the previously mentioned transactions and $300 million in expenses and investments accumulated over the years. Lastly, Portnoy is restricted by the sale from either working with a rival betting company or speaking negatively about either ESPN or Penn Gaming.

PENN has sold 100% of Barstool’s outstanding shares to David Portnoy for a nominal cash consideration of $1.00 and certain non-compete and other restrictive covenants.

The Barstool Fund

During 2020, amidst the peak of the COVID-19 pandemic, Dave contributed $500,000 to the Barstool Fund, created to assist small businesses affected by the crisis. Over time, the fund accumulated $39 million, which was allocated to support 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.

Dave PortnoyDave Portnoy

(Photo by Michael Reaves/Getty Images)

In December of 2019, a sex tape involving Portnoy was leaked. Business Insider accused Portnoy of sexual misconduct on two occasions. He not only refuted these claims but also initiated a lawsuit against the publication. In November 2022, a federal judge dismissed this lawsuit. Portnoy appealed the dismissal, but he ultimately withdrew it in February 2023.

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

Real Estate

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

In September 2023, Dave acquired a waterfront mansion on 1.2 acres in Nantucket for $42 million, which set a new record for the area by approximately $5 million.

 


Dave Portnoy Net Worth (Money & Salary)

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Data is sourced from 2023 and 2024, with forecast data extending to 2025 and 2026. We also expand this forecast into 2027 and 2028.

 



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Post Title: Dave Portnoy Net Worth (Money & Salary)
Last Updated: February 9, 2025