David Portnoy Net Worth
- As of 2022, David Portnoy has a Net Worth of $ 100 Million Dollars.
- At the height of the COVID-19 pandemic in 2020, Dave gave $500,000 to the Barstool Fund
What is David Portnoy’s Net Worth and Salary? (Updated 2022)
David Portnoy is a $100 million Net Worth American sports media figure and online entrepreneur. Portnoy made his money as the founder of Barstool Sports, a digital sports juggernaut.
David has sold pieces of Barstool in numerous agreements, with the last transaction taking place in August 2022.
In 2016, he sold a majority share to The Chernin Group. Penn Gaming paid $163 million for a 36% share from the founders in January 2020. This acquisition included the opportunity to purchase the entire firm at a later date. Penn Gaming exercised its option to purchase Barstool outright in August 2022 for $390 million. Penn Gaming paid $550 million for the whole Barstool company. More about these deals and their impact on Portnoy’s fortune will be covered later in this essay.
Early Life
David Portnoy was born in Swampscott, Massachusetts on March 22, 1977. He attended the University of Michigan after graduating from Swampscott High School in 1999 with a degree in education.
Afterward, He relocated to Boston after college to work for Yankee Group, an IT market research firm.
Barstool
In 2003, Dave launched Barstool Sports as a print journal in the Boston area. The newspaper provided fantasy sports predictions, gaming advertisements, and sports content. The website went live in 2007. Barstool would evolve into an improbable sports media behemoth over the next ten years. Likewise, Portnoy was known to often work 10+ hour days while still working on Saturdays and Sundays in the site’s early days.
Dave is known as “El Presidente” or “Stool Presidente” on the site. The site features humorous sports news as well as attractive women.
The brand has been compared to a cross between “ESPN and Girls Gone Wild.” This combination appears to be working well, since BarstoolSports is currently one of the most popular sports websites on the internet.
In 2017, Portnoy debuted “One Bite with Davey Pageviews,” a pizza review series. The show’s unofficial goal is to review every pizza business in Manhattan.
Chernin Acquisition
In January 2016, it was announced that Peter Chernin’s The Chernin Group had purchased a majority share in Barstool for $10 to $15 million. Chernin has invested $20-$25 million by 2018 to expand his share to 60%. Also, Portnoy had complete control over the company’s content, which grew to encompass podcasts, gaming content, merchandise, booze brands, TV series, and other offerings.
Penn National Acquisition #1
Penn National Gaming paid $450 million for a 36% share in Barstool Sports in January 2020. Initially, the total amount of cash traded was $163 million. Penn National has obtained a three-year option to pay an extra $62 million to increase its ownership to 50%.
Following the completion of this initial transaction, The Chernin Group’s 60% interest was cut to 36%, matching Penn National’s stake. Portnoy and a few senior officials, including CEO Erika Nardini, still owned the remaining 28%.
Penn Gaming Stock
Penn Gaming’s stock shot up to an all-time high of $38 in the days after the news. Penn’s stock dropped in the aftermath of the global Coronavirus outbreak. By March 17, the stock had fallen to $7 per share, representing an 81% loss from its peak.
By May 10, it had recovered to roughly $20 per share. It had more than doubled to nearly $50 per share by August. Plus, It has climbed to well than $100 per share by January 2021. In March 2021, the stock reached $130.
Portnoy’s Stock Holdings
According to a Penn Gaming Q1 2020 10-Q SEC filing, around $23 million of the $163 million in cash was given as convertible preferred stock, with the remaining $3 million placed aside as “forward arrangements.” The convertible stock could eventually be converted into about 0.50% of Penn Gaming’s market capitalization OR 883,000 Penn Gaming shares.
A 0.50% investment in Penn Gaming was worth $50 million when its market valuation was $10 billion. Dave apparently possessed a third of the investment, which came out to about $16 million at a $10 billion valuation. Dave Portnoy’s Net Worth is estimated to be $100 million when his remaining around $90 million share in Barstool is combined with riches from earlier deals.
Penn National Acquisition #2
Penn eventually acquired an additional 14% of Barstool, giving it 50% control. Then, on August 17, 2022, an SEC filing showed that Penn Gaming had exercised its right to purchase the remainder of Barstool. Penn will pay $387 million over two steps indicated in this second agreement to buy the remaining 50% of Barstool.
The Barstool Fund
At the height of the COVID-19 pandemic in 2020, Dave gave $500,000 to the Barstool Fund, which was established to assist small companies affected by the catastrophe. Moreover, The fund raised $39 million over time and disbursed it to approximately 350 small enterprises.
Personal Life
From 2009 to 2017, Portnoy was married to Renee Satterthwaite.
