Dave Portnoy Net Worth (Money & Salary)

In January 2016, Dave completed the sale of a portion of Barstool to Peter Chernin’s The Chernin Group for an amount between $10 – $15 million. By 2018, Chernin had upped his investment to between $20 – 25 million, increasing his ownership stake to 60%. Despite this, Portnoy maintained full control over the company’s content, which expanded to encompass podcasts, gambling content, merchandise, alcohol brands, TV shows, and much more.

Penn National Acquisition #1

In January 2020, Penn National Gaming took a 36% holding in Barstool Sports, valuing the company at $450 million. An initial cash transaction totaled $163 million. Additionally, Penn National secured an option to invest an extra $62 million within three years, allowing them to increase their stake to 50%.

Following the closure of this initial agreement, The Chernin Group’s stake was diminished from 60% to 36%, aligning it with Penn National’s share. Portnoy and a select group of executives, including CEO Erika Nardini, still retained ownership of the remaining 28%.

Penn Gaming Stock

Right after the deal was announced, shares of Penn Gaming skyrocketed to an all-time high of $38. However, following the global Coronavirus pandemic, the stock took a nosedive. By March 17, the share price had dropped to $7, marking an 81% decrease from its peak.

By May 10, the stock rebounded to around $20 a share. By August, it had more than doubled to about $50 per share. By January 2021, the price surged to over $100 a share, eventually reaching $130 in March 2021.

Portnoy’s Stock Holdings

As outlined in a Penn Gaming Q1 2020 10-Q SEC filing, of the $163 million in cash, approximately $23 million was issued as convertible preferred stock, while $3 million was allocated for “forward arrangements.” This convertible stock could eventually be translated into roughly 0.50% of Penn Gaming’s market capitalization OR 883,000 shares of Penn Gaming.

When Penn Gaming’s market cap reached $10 billion, a 0.50% stake would amount to $50 million. Reportedly, Dave held one-third of that stake, which equated to around $16 million based on the $10 billion valuation. When factoring in his remaining approximate $90 million stake in Barstool, along with wealth gained from past transactions, we estimate Dave Portnoy’s net worth to be around $100 million.

Penn National Acquisition #2

At a later date, Penn acquired an additional 14% of Barstool, bringing its total ownership to 50%. Then, on August 17, 2022, an SEC filing disclosed that Penn Gaming had exercised its option to buy the remainder of Barstool. Through two phases outlined in this second transaction, Penn will ultimately pay $387 million to acquire the 50% of Barstool it did not own previously.

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 that he had regained full ownership of Barstool. He also agreed to a non-compete clause among other terms he described as a “win-win.” Moreover, if Portnoy sells Barstool in the future, Penn retains the right to half of the proceeds. In a statement from Penn’s CEO:

“This divestiture enables Barstool to return to its origins, delivering unique and authentic content to its dedicated audience without the limitations tied to a publicly traded, licensed gaming enterprise.“

The day after the agreement was revealed, it came to light that Dave managed to reacquire Barstool for a nominal price of just $1.00. Why would Penn agree to such a deal? Firstly, the brand arguably holds little value without Dave, and it’s questionable whether Dave would have ever accepted working under a new ownership. Additionally, as previously stated, Penn retained the right to half of Barstool’s sale proceeds should he ever sell.

“`The brand once more. Moreover, it appears that Penn Gaming is likely taking a write-off regarding the brand’s value. In the same financial report that disclosed the sale to Portnoy, Penn Gaming indicated plans to incur an $850 million loss on Barstool. This amount presumably combines the $550 million it spent during the previously mentioned transactions and $300 million attributed to costs and investments throughout the years. Additionally, the agreement restricts Portnoy from either working for a rival betting company or making disparaging remarks about ESPN or Penn Gaming.

“PENN sold all outstanding shares of Barstool to David Portnoy for a nominal cash consideration of $1.00 alongside certain non-compete and other restrictive terms.“

The Barstool Fund

In 2020, amid the peak of the COVID-19 pandemic, Dave made a donation of $500,000 to the Barstool Fund, created to assist small businesses affected by the crisis. Gradually, the fund managed to raise $39 million, which was allocated to support nearly 350 small businesses.

Personal Life

Dave Portnoy was wed to Renee Satherthwaite between 2009 and 2017. In 2021, he started a relationship with Silvana Mojica.

(Photo by Michael Reaves/Getty Images)

In December 2019, a video involving Portnoy surfaced online. Business Insider has accused Portnoy of sexual misconduct on two separate occasions. Dave not only refuted these claims but also initiated a lawsuit against the outlet. However, in November 2022, a federal judge dismissed the lawsuit. Portnoy appealed that dismissal but opted to withdraw the appeal in February 2023.

In 2004, it is reported that Dave Portnoy filed for bankruptcy protection following significant gambling losses, which left him 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 estate in Saratoga Springs.

In September 2023, Dave secured a waterfront mansion on 1.2 acres in Nantucket for $42 million. This purchase set a new record for the area, exceeding the previous record by approximately $5 million.