Dave Portnoy Net Worth (Money & Salary)

What is Dave Portnoy’s net worth and salary?

An American sports media personality and internet entrepreneur, Dave Portnoy holds a net worth of $150 million. His immense wealth is attributed to founding the digital sports giant, Barstool Sports. Over several transactions, David has sold parts of Barstool to different buyers, culminating in a deal with Penn Gaming in August 2022.

In 2016, he sold a majority stake to The Chernin Group. Then, in January 2020, Penn Gaming bought a 36% stake from the founders for $163 million, which also included an option to purchase the entire company in the future. By August 2022, Penn Gaming exercised that option, acquiring Barstool at a valuation of $390 million. Ultimately, Penn Gaming invested a total of $550 million to acquire the entirety of Barstool. Further details about these transactions and their influence on Portnoy’s wealth will be discussed later in this article.

In an unexpected turn of events, on August 8, 2023, it came to light that Dave had re-acquired Barstool from Penn Gaming. This event marked the return of Portnoy as the brand’s sole owner for the first time in nearly ten years. Reportedly, Dave re-acquired Barstool for a mere $1.00. This isn’t a typo. More information regarding this transaction will follow in this article.

Early Life

Born on March 22, 1977, in Swampscott, Massachusetts, David Portnoy graduated from Swampscott High School and later attended the University of Michigan, where he earned a degree in education in 1999.

After completing his education, he relocated to Boston and worked with an IT market research firm named Yankee Group.

Barstool

In 2003, Dave launched Barstool Sports as a print publication aimed at the Boston metro area. It provided coverage of sports, gaming advertisements, and fantasy sports predictions. The online version was introduced in 2007. Over the following decade, Barstool transformed into an unexpected sports media powerhouse. In its early days, Portnoy often put in over ten hours a day of work, including weekends.

On the website, Dave is known as “El Presidente” or “Stool Presidente.” The content blends cheeky sports commentary with attractive women, earning comparisons to a mix of “ESPN and Girls Gone Wild.” This unique combination contributes to Barstool Sports’ status as one of the most visited sports sites on the internet currently.

In 2017, Portnoy initiated a pizza review series titled “One Bite with Davey Pageviews,” aiming to review every pizza place in Manhattan.

Chernin Acquisition

In January 2016, Peter Chernin’s The Chernin Group purchased a stake in Barstool from Dave for $10 – $15 million. By 2018, Chernin had poured in $20 – 25 million, boosting his ownership to 60%. Despite this investment, Portnoy maintained full control over the company’s content, which later diversified to include 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, valuing the company at $450 million. The initial cash transaction amounted to $163 million. Additionally, Penn National secured an option to pay $62 million more within three years to elevate its ownership to 50%.

Following the completion of this deal, The Chernin Group’s stake was reduced to 36%, aligning with Penn National’s holdings, while Portnoy and several key executives, including CEO Erika Nardini, retained the remaining 28%.

Penn Gaming Stock

Shares of Penn Gaming experienced a surge to an all-time high of $38 shortly after the announcement. However, amid the onset of the global Coronavirus pandemic, Penn’s stock took a drastic fall, plummeting to $7 a share by March 17, representing an 81% decrease from the peak.

As of May 10, the stock rebounded to around $20 a share. By August, it had more than doubled to approximately $50 a share, and by January 2021, the stock exceeded $100 a share, reaching $130 in March of the same year.

Portnoy’s Stock Holdings

A filing with the SEC for Q1 2020 from Penn Gaming indicated that out of the $163 million in cash, around $23 million was issued in convertible preferred stock, while $3 million was earmarked for “forward arrangements.” This convertible stock could ultimately translate into roughly 0.50% of Penn Gaming’s market cap or 883,000 shares of the company.

When Penn Gaming’s market cap hit $10 billion, a 0.50% stake was estimated to be worth $50 million. Dave reportedly owned a third of that stake, which, based on the $10 billion valuation example, amounted to about $16 million. Coupled with his remaining approximate $90 million in Barstool and wealth accrued from earlier transactions, we estimate Dave Portnoy’s net worth to be around $100 million.

Penn National Acquisition #2

Subsequently, Penn acquired an additional 14% of Barstool, ultimately achieving 50% ownership. On Wednesday, August 17, 2022, a filing with the SEC disclosed that Penn Gaming had opted to buy the remaining portion of Barstool. Across two phases in this second transaction, Penn will pay $387 million to acquire the remaining 50% of Barstool that it did not previously possess.

Penn Sale Back To Portnoy

On August 8, 2023, the same day Penn announced a long-term exclusive betting partnership with ESPN, Dave disclosed that he had regained 100% ownership of Barstool. He also agreed to a non-compete clause, among other terms he described as a “win-win.” Furthermore, if Portnoy sells Barstool in the future, Penn is entitled to half of the proceeds. In a statement from Penn’s CEO:

“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.“

Just one day after the announcement of the deal, it emerged that Dave had managed to reacquire Barstool for a mere $1.00. Why would Penn have consented to such an agreement? Primarily, the brand’s value is significantly diminished without Dave, and it’s unlikely Dave would have chosen to work for a new owner. Additionally, as previously noted, Penn retained the right to half the proceeds if he ever chooses to sell Barstool.

the brand again. Furthermore, it is probable that Penn Gaming is writing off the brand’s value. The same financial disclosure that also disclosed the Portnoy sale indicated that Penn Gaming intends to report an $850 million loss related to Barstool. This likely consists of the $550 million it expended throughout the previous transactions and an additional $300 million incurred from costs and investments over the years. Moreover, the sale imposes restrictions on Portnoy, barring him from working for any competing betting firm or making disparaging remarks about either ESPN or Penn Gaming.

“PENN has sold 100% of the outstanding shares of Barstool to David Portnoy for a nominal cash consideration ($1.00) along with specific non-compete and other restrictive covenants.”

The Barstool Fund

In 2020, amid the COVID-19 pandemic crisis, Dave contributed $500,000 to the Barstool Fund, which was established to assist small businesses affected by the situation. Over time, the fund accumulated $39 million, which was allocated to nearly 350 small businesses.

Personal Life

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

A sex tape of Portnoy was leaked in December 2019. Twice, Business Insider accused Portnoy of sexual misconduct. He not only denied the allegations but also initiated a lawsuit against the publication. In November 2022, a federal judge dismissed the lawsuit. Portnoy appealed the dismissal but retracted his appeal in February 2023.

In 2004, Dave Portnoy reportedly filed for bankruptcy protection, having accrued significant gambling losses, owing $59,000 to credit card companies and $18,000 to his father.

Real Estate

Throughout the years, Dave Portnoy has been associated with various real estate acquisitions, including a $2.2 million home in Nantucket, a $14 million waterfront residence in Miami, a Hamptons house costing $9.75 million, and a $1.4 million property in Saratoga Springs.

In September 2023, Dave purchased a waterfront mansion for $42 million, set on 1.2 acres in Nantucket. The sale price established a new record for the area, exceeding the previous by approximately $5 million.