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 between $10 and $15 million. By 2018, Chernin had upped his investment to $20 to 25 million, enhancing his stake to 60%. Despite this, Portnoy maintained 100% control over the company’s content, which eventually encompassed podcasts, gambling content, merchandise, alcohol brands, TV shows, and more.

Penn National Acquisition #1

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

Upon closing this initial deal, The Chernin Group’s stake dropped from 60% to 36%, aligning with Penn National’s interest. The remaining 28% was still held by Portnoy and a few key executives, including CEO Erika Nardini.

Penn Gaming Stock

Following the announcement, shares of Penn Gaming skyrocketed to an all-time high of $38. However, the stock encountered a significant drop due to the global Coronavirus pandemic, falling to $7 a share by March 17, marking an 81% decrease from its peak.

By May 10, the stock value had rebounded to about $20 per share. Then, by August, it more than doubled to roughly $50 per share, and by January 2021, it exceeded $100 per share, reaching $130 in March 2021.

Portnoy’s Stock Holdings

According to a Penn Gaming Q1 2020 10-Q SEC filing, of the $163 million in cash, around $23 million was allocated as convertible preferred stock, while $3 million was reserved for “forward arrangements.” This convertible stock can ultimately be turned into approximately 0.50% of Penn Gaming’s market cap or about 883,000 shares.

At a market cap of $10 billion, a 0.50% stake held a value of $50 million. Supposedly, Dave owned a third of that stake, which would mean approximately $16 million based on the $10 billion valuation scenario. When adding his remaining stake in Barstool, estimated to be around $90 million, along with wealth from past transactions, Dave Portnoy’s net worth is approximated at $100 million.

Penn National Acquisition #2

Eventually, Penn secured an additional 14% of Barstool, reaching a 50% ownership stake. Then, on Wednesday, August 17, 2022, an SEC filing disclosed that Penn Gaming had exercised its option to purchase the remaining share of Barstool. In two steps laid out in this follow-up transaction, Penn is set to pay a total of $387 million for the remaining 50% stake in Barstool.

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 his re-acquisition of 100% ownership of Barstool. He also consented to a non-compete agreement, among other conditions he described as a “win-win.” Additionally, should Portnoy sell Barstool in the future, Penn has the right to half of the sale proceeds. The CEO of Penn stated:

“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 following the announcement of the deal, it emerged that Dave managed to regain Barstool for a nominal fee of just $1.00. Why would Penn agree to such an arrangement? Primarily, the brand is generally deemed worthless without Dave, and it’s unlikely that he would have worked under new ownership. Furthermore, as previously mentioned, Penn retained the right to half of any proceeds from a future Barstool sale.

“`the brand again. Additionally, it seems that Penn Gaming is likely recording a write-off regarding the brand’s value. In the same financial report that disclosed the sale to Portnoy, Penn Gaming indicated plans to take an $850 million loss on Barstool. This figure presumably combines the $550 million spent during the previously mentioned transactions with $300 million in expenses and investments made over the years. Moreover, the sale includes restrictions that prevent Portnoy from working with a rival betting company or making disparaging comments about either ESPN or Penn Gaming.

“PENN sold 100% of the outstanding shares of Barstool to David Portnoy in exchange for a nominal cash consideration ($1.00 dollar) and certain non-compete and other restrictive covenants.“

The Barstool Fund

During the height of the COVID-19 pandemic in 2020, Dave contributed $500,000 to the Barstool Fund, which was established to assist small businesses affected by the crisis. Over time, the fund collected $39 million, which was allocated to nearly 350 small businesses.

Personal Life

Between 2009 and 2017, Dave Portnoy was married to Renee Satherthwaite. In 2021, he began a romantic relationship with Silvana Mojica.

(Photo by Michael Reaves/Getty Images)

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

In 2004, it was reported that Dave Portnoy filed for bankruptcy protection following significant gambling losses, resulting in $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 $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.

Most recently, 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.