Barstool Sports Founder Dave Portnoy Bought Site Back For $1 After Selling It For $551M

deadline.com:

Barstool Sports founder Dave Portnoy purchased the site back for $1 yesterday, according to a filing. Portnoy sold Barstool to PENN Entertainment in a two-part sale — the latter transaction having just closed in February of this year — for $551 million.

Now, he gets this site back for just $1. Needless to say, the outspoken Portnoy was ecstatic, announcing the deal in an “Emergency Press Conference” shared to social media. “For the first time in a decade, I own 100% of Barstool Sports,” said an excited Portnoy, who is known to fans of the site for his pizza reviews. “Not since the Chernin deal have I been in total control of everything.” Emergency Press Conference – I Bought Back Barstool Sports pic.twitter.com/dmUk0eNowx The latter is a reference to the purchase of a 51% stake in the site by Peter Chernin’s Chernin Media Group in 2016.

That deal valued the property at between $10 and $15 million. Portnoy, who generally goes by “El Presidente,” says both he and PENN “underestimated just how tough it is for myself and Barstool to operate in a regulated world.” “It was one step forward, two steps back,” he said. “We got denied licenses because of me.

You name it.” For the uninitiated, here is how Portnoy was described by the New York Times last year: Mr. Portnoy, 45, rose to fame by capitalizing on misogyny and other offensive behavior.