Dave Portnoy Net Worth (Money & Salary)

What is Dave Portnoy’s net worth and salary?

With a net worth of $150 million, Dave Portnoy is an American entrepreneur and sports media personality. His wealth primarily stems from founding the digital sports giant Barstool Sports. Over several transactions, David sold parts of Barstool, culminating in a deal with Penn Gaming in August 2022.

In 2016, he initially sold a majority stake to The Chernin Group. Later, in January 2020, Penn Gaming acquired a 36% stake from the founders for $163 million, securing the option to eventually buy the entire company. In August 2022, Penn Gaming opted to purchase Barstool outright at a valuation of $390 million, totaling $550 million for the entirety of Barstool. Further details on these transactions and their influence on Portnoy’s finances will be discussed later in this article.

In an unexpected turn of events, on August 8, 2023, it was announced that Dave had reacquired Barstool from Penn Gaming. This deal marked Portnoy’s return as the sole owner of the brand for the first time in nearly ten years. Reportedly, Dave reacquired Barstool for a mere $1.00; this is not a typo. Additional information on this transaction will follow later in the article.

Early Life

On March 22, 1977, David Portnoy was born in Swampscott, Massachusetts. Following his graduation from Swampscott High School, he attended the University of Michigan, earning a degree in education in 1999.

After completing college, he relocated to Boston, where he took up a position at an IT market research firm known as Yankee Group.

Barstool

In 2003, Dave founded Barstool Sports initially as a print publication targeting the Boston metropolitan area. The paper provided content related to fantasy sports, gaming advertisements, and sports news. Subsequently, the website was launched in 2007. Over the next decade, Barstool evolved into an impressive sports media entity. During the site’s early phase, Portnoy was known for clocking in over 10-hour workdays, including weekends.

On the platform, Dave is referred to as “El Presidente” or “Stool Presidente.” The site features a blend of witty sports commentary and attractive women, often compared to a mix of “ESPN and Girls Gone Wild.” This unique formula has evidently contributed to Barstool Sports’ status as one of the top sports websites on the internet today.

In 2017, Portnoy initiated a pizza review series titled “One Bite with Davey Pageviews,” with the informal objective of reviewing every pizza establishment in Manhattan.

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Chernin Acquisition

In January 2016, a stake in Barstool was sold by Dave to The Chernin Group, led by Peter Chernin, for a sum between $10 and $15 million. By 2018, Chernin had invested an additional $20 to $25 million, leading to an increase in his stake to 60%. Despite this, Portnoy maintained complete control over the company’s content, which subsequently expanded to include podcasts, gambling content, merchandise, alcohol brands, TV shows, and more.

Penn National Acquisition #1

In January 2020, Barstool Sports saw a 36% stake acquisition by Penn National Gaming, with the valuation set at $450 million. The initial cash transaction amount was $163 million. Furthermore, Penn National obtained an option to invest an additional $62 million within three years to escalate its ownership to 50%.

Once the initial deal was finalized, The Chernin Group’s stake was lowered from 60% to 36%, aligning it with Penn National’s stake. The remaining 28% stayed with Portnoy and several key executives, including CEO Erika Nardini.

Penn Gaming Stock

Following the announcement, shares of Penn Gaming climbed to an all-time high of $38. However, the onset of the global Coronavirus pandemic caused a drastic decline in Penn’s stock price. By March 17, stock value had dropped to $7 a share, resulting in an 81% decrease from its peak.

By May 10, the stock rebounded to about $20 per share. Then, in August, it experienced a significant increase, exceeding $50 a share. By January 2021, stock prices had surpassed $100 a share, eventually reaching $130 in March of 2021.

Portnoy’s Stock Holdings

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

With a $10 billion market cap for Penn Gaming, a 0.50% ownership would be valued at $50 million. Reportedly, Dave owned one-third of that stake, which—using the $10 billion valuation—would amount to around $16 million. When combined with his remaining stake of roughly $90 million in Barstool and his wealth from previous transactions, we estimate Dave Portnoy’s net worth to be around $100 million.

Penn National Acquisition #2

At a later time, Penn acquired an additional 14% stake in Barstool, thus achieving 50% ownership. Then, on Wednesday, August 17, 2022, an SEC filing disclosed that Penn Gaming had activated its right to purchase the outstanding portion of Barstool. Over two steps outlined in this transaction, Penn will ultimately pay $387 million to secure 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 consented to a non-compete clause, along with other conditions that he characterized as a “win-win.” Moreover, if Portnoy sells Barstool in the future, Penn retains the right to receive half of the proceeds. Penn’s CEO stated:

“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.”

The day after the deal was made public, news emerged that Dave was able to reacquire Barstool for a mere $1.00. Why would Penn agree to such terms? Primarily, without Dave, the brand’s value is questionable, and it’s unlikely that Dave would have been willing to work under a new owner. Furthermore, as previously mentioned, Penn retains the right to claim half the proceeds from the sale of Barstool if he ever chooses to sell.

“`the brand once more. Additionally, it seems that Penn Gaming is planning to write off the brand’s value. The financial disclosure that disclosed the Portnoy sale also indicated that Penn Gaming is set to take an $850 million loss on Barstool. This loss is likely a mix of the $550 million it spent over the previously mentioned transactions and $300 million in investments and expenses incurred over the years. Moreover, following the sale, Portnoy is prohibited from engaging with a competing betting company or making disparaging comments about either ESPN or Penn Gaming.

“PENN transferred 100% of its outstanding shares of Barstool to David Portnoy in exchange for a nominal cash consideration ($1.00) and various non-compete and restrictive covenants.“

The Barstool Fund

Amid the COVID-19 pandemic in 2020, Dave contributed $500,000 to the Barstool Fund, which was established to support small businesses affected by the crisis. Over time, this fund garnered $39 million, which was allocated to nearly 350 small businesses.

Personal Life

From 2009 to 2017, Dave Portnoy was married to Renee Satherthwaite. In 2021, he began a relationship with Silvana Mojica.

In December 2019, a leaked sex tape of Portnoy emerged. Business Insider accused him of sexual misconduct on two occasions. Portnoy denied these claims and subsequently filed a lawsuit against the publication. In November 2022, a federal judge dismissed that lawsuit. Although Portnoy appealed the dismissal, he withdrew his appeal in February 2023.

In 2004, Dave Portnoy reportedly sought bankruptcy protection after incurring significant gambling losses, totaling $59,000 owed to credit card companies and $18,000 to his father.

Real Estate

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

In September 2023, Dave purchased a waterfront mansion on 1.2 acres in Nantucket for $42 million, a price that broke area records by approximately $5 million.