Dave Portnoy Net Worth (Money & Salary)

Dave Portnoy Net Worth (Money & Salary)

Title: Dave Portnoy Net Worth (Money & Salary)
Last Updated: February 2, 2025


What is the net worth and salary of Dave Portnoy?

With a net worth of $150 million, Dave Portnoy is a prominent figure in American sports media and an internet entrepreneur. His financial success primarily stems from founding Barstool Sports, a leading digital sports entity. Over time, David has sold portions of Barstool to various investors, culminating in a sale to Penn Gaming conducted in August 2022.

Initially, in 2016, he sold a majority stake to The Chernin Group. Then in January 2020, a 36% stake was bought by Penn Gaming for $163 million from the founders. This acquisition included an option for Penn Gaming to purchase the entire company later. Subsequently, in August 2022, Penn Gaming opted to buy Barstool entirely, valuing the purchase at $390 million. The total expenditure by Penn Gaming for Barstool’s complete acquisition ended up being $550 million. More details on these transactions and their ramifications for Portnoy’s wealth will follow in this article.

In an unexpected turn of events, on August 8, 2023, it was announced that Dave had successfully re-acquired Barstool from Penn Gaming. This marked his return as the sole owner of the brand after roughly ten years. Remarkably, he reportedly acquired Barstool for just $1.00. This is not a mistake. Additional details on this transaction will be provided later in this article.

Dave Portnoy net worth

Adam Glanzman/Getty Images

Early Life

Born on March 22, 1977, in Swampscott, Massachusetts, David Portnoy graduated from Swampscott High School before attending the University of Michigan, where he completed his education degree in 1999.

Upon completing his degree, he relocated to Boston and secured a position at Yankee Group, an IT market research company.

Barstool

In 2003, Dave established Barstool Sports initially as a print publication geared towards the Boston metro area, incorporating fantasy sports predictions, gaming advertisements, and sports reports. The website version was launched in 2007. Over the next decade, Barstool evolved into an unexpected powerhouse in sports media. During the initial phases of the site, Portnoy was known to dedicate over ten hours a day to work, even on weekends.

Dave is often referred to as “El Presidente” or “Stool Presidente” on the platform, which blends sarcastic sports journalism with attractive women imagery. The brand has been likened to a blend of “ESPN and Girls Gone Wild.” This unique fusion seems to resonate well, as Barstool Sports stands out as one of the most visited sports websites today.

In 2017, Portnoy introduced a pizza review series titled “One Bite with Davey Pageviews,” aimed at reviewing every pizza establishment in Manhattan.

David PortnoyDavid Portnoy

Adam Glanzman/Getty Images

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Chernin Acquisition

In January 2016, a stake in Barstool was sold by Dave to Peter Chernin’s The Chernin Group for between $10 and $15 million. By 2018, Chernin had raised his investment to approximately $20 to $25 million, resulting in a 60% stake. Despite this, Portnoy maintained full control over the company’s content, which later expanded 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. Initially, the cash exchanged amounted to $163 million. Additionally, Penn National secured the option to invest another $62 million within three years to increase its stake to 50%.

Once this initial agreement was finalized, The Chernin Group’s stake was diminished to 36%, aligning with that of Penn National. The remaining 28% was still held by Portnoy, along with several key executives, including CEO Erika Nardini.

Penn Gaming Stock

Shares of Penn Gaming surged to an all-time high of $38 shortly after the announcement. However, following the global Coronavirus outbreak, the stock saw a significant drop. By March 17, it had fallen to $7 per share, marking an 81% decrease from its peak.

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

Portnoy’s Stock Holdings

According to a Q1 2020 10-Q SEC filing from Penn Gaming, of the $163 million cash amount, about $23 million was allocated as convertible preferred stock, while $3 million was reserved for “forward arrangements.” The convertible stock has the potential to convert into roughly 0.50% of Penn Gaming’s market cap, equivalent to 883,000 shares.

At a $10 billion market cap for Penn Gaming, a 0.50% stake would equate to $50 million. Reports indicate that Dave owned a third of this stake, bringing it to around $16 million based on the $10 billion valuation. When adding his approximately $90 million interest in Barstool and wealth from previous deals, Dave Portnoy’s estimated net worth stands at $100 million.

Penn National Acquisition #2

At a later point, Penn further acquired another 14% of Barstool, achieving 50% ownership. Subsequently, on August 17, 2022, an SEC filing disclosed that Penn Gaming opted to purchase the remaining portion of Barstool. Through a two-step process outlined in this subsequent transaction, Penn would pay a total of $387 million to fully acquire the remaining 50% of Barstool.

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 entered into a non-compete agreement and other conditions that he termed a “win-win.” Notably, if Portnoy sells Barstool in the future, Penn is entitled to half of the proceeds. According to 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 deal’s announcement, it came to light that Dave was able to reacquire Barstool for a symbolic sum of $1.00. What motivated Penn to accept such terms? Primarily, the brand is perceived as virtually worthless without Dave, and it is unlikely he would have be willing to operate under a new ownership structure. Furthermore, as stated earlier, Penn retained the rights to half of the proceeds if Barstool is ever sold.

“`the brand once again. Additionally, it appears that Penn Gaming is likely taking a write-off on the brand’s value. According to the same financial disclosure that disclosed the Portnoy sale, Penn Gaming plans to incur an $850 million loss on Barstool. This loss likely comprises the $550 million spent over the previously mentioned transactions along with $300 million in investments and costs accumulated over the years. Lastly, the sale includes restrictions prohibiting Portnoy from working for a competing betting firm or from making disparaging remarks about either ESPN or Penn Gaming.

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

The Barstool Fund

In 2020, during the peak of the COVID-19 pandemic, Dave contributed $500,000 to the Barstool Fund, which was initiated to assist small businesses affected by the crisis. Over time, the fund amassed $39 million, which was allocated to nearly 350 small businesses.

Personal Life

From 2009 until 2017, Dave Portnoy was married to Renee Satherthwaite. In 2021, he began dating Silvana Mojica.

Dave PortnoyDave Portnoy

(Photo by Michael Reaves/Getty Images)

A leaked sex tape of Portnoy emerged in December 2019. On two separate occasions, Business Insider accused Portnoy of sexual misconduct, which he denied and subsequently sued the publication. In November 2022, a federal judge dismissed his lawsuit. Although he appealed the dismissal, he dropped the appeal in February 2023.

In 2004, it was reported that Dave Portnoy filed for bankruptcy protection following significant gambling losses, owing $59,000 to credit card companies and $18,000 to his father.

Real Estate

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

In September 2023, Dave purchased a waterfront mansion for $42 million, situated on 1.2 acres in Nantucket. This purchase set a local record, exceeding previous prices by approximately $5 million.

 


Dave Portnoy Net Worth (Money & Salary)

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Data from 2023 and 2024 with forecast data extending to 2025 and 2026. Additionally, we expand the forecast to include 2027 and 2028.

 



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Post Title: Dave Portnoy Net Worth (Money & Salary)
Last Updated: February 2, 2025

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