Dave Portnoy buys Barstool Sports again from PENN Entertainment simply 5 months after relinquishing management in a $388M deal

Barstool Sports founder Dave Portnoy has introduced that he has repurchased the sports activities media firm he based from Penn Entertainment.

The Swampscott, Massachusetts resident stated in a video that Penn had determined to finish the connection with Barstool and revert full possession of the corporate to him.

Portnoy is again as sole proprietor of the corporate for the primary time in almost a decade – after The Chernin Group bought a minority after which majority stake within the firm.

After Penn took over the remainder of Barstool in February of this 12 months, Portnoy retained artistic management over the location’s content material.

According to him, Penn determined to go in a unique course after agreeing to a take care of ESPN – who had a frosty relationship with Barstool up to now.

Barstool Sports founder Dave Portnoy has introduced the complete firm again underneath his management

Penn Entertainment and Barstool Sports have gone their separate methods. As of this second – as you watch this video – I purchased again Barstool Sports from Penn,” Portnoy started.

Penn had purchased a stake in Barstool for 36 p.c of the corporate in January 2020, rising their stake to about 50 p.c by 2023.

Reports on the time of the Penn deal indicated that The Chernin Group would retain their 36 p.c stake within the firm. It is unclear if Chernin ended up promoting their stake to Penn or in the event that they offered it to Portnoy on this deal.

Of how the deal took place, Portnoy stated, “We made this deal about three years ago, and I think both parties thought ‘we’re going to take this thing to the moon.’”

“We underestimated how difficult it is for me and Barstool to operate in a regulated world where gambling regulators, the New York Times and Business Insider agree with the share price. Every time we did something, it was one step forward two steps back.

For the first time since selling a stake to The Chernin Group, Portnoy is now in full control

‘My driver’s licenses have been refused. You name it. So the regulated industry is probably not the best place for Barstool Sports and the kind of content we create.”

“Penn was in a position to make an unbelievable take care of ESPN. We want them nothing however one of the best of their endeavors. It actually is a win-win state of affairs.’

Portnoy went additional, assuring his military of followers that Barstool was now a non-public firm, that their content material would return to the raunchy, irreverent work for which they turned infamous.

“More importantly, for us, for Barstool, for the primary time in ages we don’t have to observe what we are saying, how we speak, what we do. It’s again to the pirate ship.

‘By the way, I will never sell Barstool Sports (again), never. I’ll maintain it until I die.’