Businessman and social media star David Scott Portnoy is from the United States. Self-described as “El Presidente,” Portnoy founded and is the proprietor of Barstool Sports, a firm that specializes in sports and popular culture. The son of high school teacher Linda and lawyer Michael, Portnoy grew up in Swampscott, Massachusetts.
And he’s Jewish. Portnoy graduated with a degree in education from the University of Michigan after attending Swampscott High School, where ESPN’s Todd McShay was a student. Portnoy started thegamblingman.com, a website where he shared his sports betting predictions while he was still at Michigan. Here are more details about Dave Portnoy.
How Much is Dave Portnoy Net Worth?
Dave Portnoy is a 120 million-dollar online entrepreneur and well-known sports media personality from the United States. As the creator of the dominant internet sports company, Barstool Sports, Dave Portnoy has amassed a fortune. Throughout a number of deals, David sold pieces of Barstool to different buyers; the last sale took place in August 2022 and involved Penn Gaming.
If your net worth is $200k
And Dave Portnoy’s net worth is $120 M
Dave putting $40,000 into Safemoon is the equivalent of you putting $66 in it
This is all a genius marketing ploy and I applaud him for it. $40k is nothing for him 🤣
— Gannon Breslin (@gannonbreslin) May 18, 2021
In 2016, he first sold The Chernin Group the majority of his shares. For $163 million, Penn Gaming purchased a 36% share from the founders in January 2020. An option to buy the entire business at a later time was included with this transaction.
Penn Gaming exercised its option to purchase Barstool outright in August 2022 for a $390 million price. Penn Gaming spent $550 million to acquire Barstool in its entirety. See later in this piece for more information on these trades and how they affected Portnoy’s wealth.
On August 8, 2023, it was shockingly disclosed that Dave had repurchased Barstool from Penn Gaming. For the first time in almost ten years, Portnoy was once again the only owner of the brand following this purchase. Dave purportedly paid just $1.00 to repurchase Barstool.
Dave Portnoy Career
In order to create a print publication for the Boston metro area, Dave launched Barstool Sports. Along with sports coverage, the tabloid included gaming advertisements and fantasy sports predictions. 2007 saw the debut of the webpage. Unexpectedly, Barstool would become a major force in sports media during the following ten years.
Portnoy was known to frequently work more than ten hours a day in the early days of the website, continuing to work on Saturdays and Sundays. Dave is referred to as “El Presidente” or “Stool Presidente” on the internet. Snarky sports content and gorgeous women coexist on the website. One description of the brand is a cross between “ESPN and Girls Gone Wild.”
It appears that this combination is effective because BarstoolSports is among the most well-known sports websites available online right now. The pizza review series “One Bite with Davey Pageviews” was introduced by Portnoy in 2017. The unofficial objective of the show is to review every Manhattan pizza joint.
Dave gave Peter Chernin’s The Chernin Group a portion of Barstool in January 2016 for between $10 and $15 million. To get his 60% ownership by 2018, Chernin had put in $20–25 million. When it came to podcasts, casino content, merchandise, beer brands, TV series, and other content, Portnoy maintained complete control over the company’s output.
Penn National Gaming purchased a $350 million stake in Barstool Sports in January 2020. At first, $163 million in total cash was exchanged. Penn National additionally acquired the right to increase its ownership to 50% by paying an extra $62 million over three years.
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The initial deal was adjusted to equal Penn National’s equity of 36% from The Chernin Group’s 60% immediately upon its closing. Portnoy and many influential executives, including CEO Erika Nardini, nevertheless held the remaining 28% of the company.
The shares of Penn Gaming shot up to an all-time high of $38 in the days following the announcement. Penn’s stock crashed during the global coronavirus outbreak. An 81% decline from the top had occurred by March 17 when the price hit $7 per share.
It had returned to almost $20 per share by May 10. In August, the share price had increased to nearly twice as much, or $50. It became more than $100 per share by January 2021. March 2021 saw the stock reach $130.
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