Dave Portnoy announced in a video on Tuesday that he has bought back Barstool Sports from PENN Entertainment Inc.
Portnoy purchased 100% of stake in the company after selling his stake to Penn in February in a $388 million deal.
“Penn Entertainment and Barstool Sports have gone their separate ways. As of this moment, while you are watching this video, I have purchased back Barstool Sports from Penn,” Portnoy said. “First time in a decade I own 100% of Barstool Sports. Not since the turning deal have I been in total control of everything.”
Emergency Press Conference – I Bought Back Barstool Sports pic.twitter.com/dmUk0eNowx
— Dave Portnoy (@stoolpresidente) August 8, 2023
PENN Entertainment Inc said it sold 100% of the company back to Portnoy in exchange for “certain non-compete and other restrictive covenants,” according to the company’s press release. The agreement also established that PENN has a right to receive 50% of the gross proceeds received by Portnoy in any sale or monetization of Barstool Sports.
Portnoy said he and PENN “underestimated” the difficulty of owning the company and it was the right decision to take the company back. Penn reportedly struck a deal with ESPN and said he wishes them the very best. (RELATED: ‘You’re F*cking Ugly’: Woman Confronts Dave Portnoy At A Pizza Shop)
Portnoy has vowed to hold onto Barstool Sports until the day he dies and celebrated the new decision.
“But more importantly, for us, for Barstool, for the first time in forever we don’t have to watch what we say, how we talk, what we do. It’s back to the power gym. And by the way, I am never going to sell Barstool Sports ever. I will hold onto it until I die, and when I die, I’ll give it to Dan or Kevin, whose ever left standing, if their kids are still alive they’ll get whatever. We’ll pass it down.”
“Every time I think I’m out, they pull me back in,” he added in reference to The Godfather Part III.