Portnoy Buys Back Barstool
Curious to hear everyone’s thoughts on this. Dave Portnoy bought back Barstool for $1 after Penn Gaming purchased previously for a total of 551mm.
Stipulations: Unable to launch or advertise any Sports book, Penn Gaming receives 50% of money in the event of any percentage or full sale of Barstool.
Penn Gaming did this deal largely due to a 2bn dollar deal with ESPN (Disney) who did not want association with Barstool. As well as an over 800mm tax losses for Penn.
Win win for both, Portnoy definitely made out in this deal tho
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