Net Worth Ranker
What Is Dave Portnoy’s Net Worth?
Dave Portnoy, the founder of Barstool Sports, has amassed a significant fortune through his entrepreneurial ventures in the sports media industry. His current estimated net worth stands at $150 million. This wealth primarily stems from his ownership and subsequent sales and re-acquisition of Barstool Sports. Portnoy’s journey from a print publication to a digital sports powerhouse is marked by strategic business decisions that significantly impacted his financial standing.
The Barstool Sports Empire and Portnoy’s Financial Milestones
Portnoy’s financial trajectory is closely tied to the evolution of Barstool Sports. Founded in 2003 as a print publication in the Boston metro area, Barstool transitioned to a website in 2007. The site’s unique blend of sports coverage, fantasy sports predictions, and gaming ads quickly gained traction, establishing it as a prominent online sports media platform. During Barstool’s early years, Portnoy dedicated extensive time and effort, often working 10+ hour days, including weekends, to build the brand.
A pivotal moment in Barstool’s history, and for Portnoy’s net worth, occurred in January 2016 when he sold a stake in the company to The Chernin Group. The initial investment was between $10 and $15 million. By 2018, The Chernin Group had invested a total of $20 to $25 million, increasing their stake to 60%. Despite the partial sale, Portnoy retained full control over the company’s content, which expanded to include podcasts, gambling content, merchandise, alcohol brands, and TV shows.
In January 2020, Penn National Gaming acquired a 36% stake in Barstool Sports at a valuation of $450 million, with an initial cash transaction of $163 million. This deal included an option for Penn National to acquire the remaining stake. According to a Penn Gaming Q1 2020 10-Q SEC filing, roughly $23 million of the $163 million was given as convertible preferred stock, and $3 million was set aside as “forward arrangements.” The convertible stock could ultimately be converted into approximately 0.50% of Penn Gaming’s market cap or 883,000 shares of Penn Gaming. At the time, Portnoy reportedly owned 1/3 of that stake. Penn later acquired an additional 14% to reach 50% ownership.
Penn National Gaming ultimately exercised its right to buy the remaining portion of Barstool, paying $387 million to acquire the 50% they did not previously own. This brought the total investment by Penn Gaming to $550 million for 100% ownership of Barstool Sports. The acquisition significantly boosted Dave Portnoy’s net worth.
In a surprising turn of events, on August 8, 2023, Portnoy re-acquired 100% ownership of Barstool from Penn Gaming for a nominal fee of $1.00. This transaction allowed Barstool to operate independently, free from the restrictions associated with a publicly traded, licensed gaming company. As part of the agreement, Penn retained the right to half the proceeds if Portnoy sells Barstool in the future. Penn Gaming took an $850 million loss on Barstool, a combination of the $550 million it paid to acquire the company and $300 million in costs and investments. The sale restricted Portnoy from working for a competing betting company or disparaging either ESPN or Penn Gaming.
Dave Portnoy’s Ventures and Assets
Beyond Barstool Sports, Portnoy has engaged in various ventures that contribute to his financial standing. In 2017, he launched a pizza review series called “One Bite with Davey Pageviews,” aiming to review every pizza place in Manhattan. Although this series is not a direct revenue stream, it has enhanced his brand and online presence.
During the COVID-19 pandemic in 2020, Portnoy donated $500,000 to the Barstool Fund, which aimed to support small businesses affected by the crisis. The fund raised $39 million and distributed it to nearly 350 small businesses. This philanthropic effort further solidified Portnoy’s public image.
Portnoy has also made significant investments in real estate. He has been linked to several property purchases, including a $2.2 million home on Nantucket and a $14 million waterfront home in Miami. He also acquired a house in the Hamptons for $9.75 million and a $1.4 million property in Saratoga Springs. In September 2023, Portnoy purchased a waterfront mansion set on 1.2 acres on Nantucket for $42 million, setting a record for the area. These real estate holdings contribute substantially to his overall net worth.
According to a Penn Gaming Q1 2020 10-Q SEC filing, of the $163 million in cash, roughly $23 million was given as convertible preferred stock, and $3 million was set aside as “forward arrangements.”
Personal Life and Legal Matters
Portnoy was married to Renee Satherthwaite from 2009 to 2017. In 2021, he began dating Silvana Mojica. His personal life has occasionally intersected with his professional career. In December 2019, a sex tape of Portnoy leaked, drawing media attention. Business Insider alleged sexual misconduct against Portnoy on two occasions, which he denied, leading him to launch a lawsuit against the publication. In November 2022, a federal judge dismissed the lawsuit, and Portnoy dropped his appeal in February 2023.
In 2004, Portnoy reportedly filed for bankruptcy protection due to significant gambling losses, owing $59,000 to credit card companies and $18,000 to his father. This financial setback occurred early in his career but did not deter him from building Barstool Sports into the media empire it is today. These legal and personal matters highlight the complexities of managing a high-profile career and substantial net worth.
