David Portnoy, founding father of Barstool Sports, is interviewed on the Trackside Live Stage within the LVMS Neon Garage earlier than the South Point 400 Monster Energy NASCAR Cup Series playoff race on September 15, 2019, at Las Vegas Motor Speedway in Las Vegas, NV.
Chris WIlliams | Icon Sportswire | Getty Images
David Portnoy, the outspoken founding father of Barstool Sports, is as soon as once more the proprietor of his media model, after shopping for it again from Penn Entertainment.
The worth of the deal, which was introduced on Tuesday, was not instantly identified. Barstool Sports was valued at $606 million in February, when Penn purchased the remainder of the corporate it did not already personal. Penn grew to become a minority proprietor in 2020.
Portnoy, who based Barstool Sports in 2003, mentioned in a put up on Tuesday that Penn and Barstool had “gone our separate ways.” Penn mentioned the divestiture was accomplished in trade for “non-compete and other restrictive covenants.”
Penn offered Barstool on the identical time that it introduced an internet sports-betting take care of Disney-owned ESPN. That disclosure despatched Penn shares up greater than 15% in after-hours buying and selling.
Penn could have the proper to 50% of the gross proceeds within the occasion that Portnoy sells or monetizes Barstool, the discharge mentioned.
— CNBC’s Lilian Rizzo contributed to this report.
Source: www.cnbc.com