Net Worth Ranker
What Is Dave Portnoy’s Net Worth?
Dave Portnoy, the founder of Barstool Sports, boasts a net worth of approximately $150 million as of February 2025. His wealth is primarily derived from the establishment and subsequent sales and re-acquisition of the digital sports media company, Barstool Sports, coupled with strategic real estate investments.
Barstool Sports: From Print to Powerhouse and Back Again
David Portnoy, born on March 22, 1977, in Swampscott, Massachusetts, embarked on his entrepreneurial journey after graduating from the University of Michigan in 1999 with a degree in education. He initially worked at Yankee Group, an IT market research firm in Boston, before founding Barstool Sports in 2003 as a print publication focusing on sports predictions, gaming ads, and coverage for the Boston metro area. In 2007, he transitioned to the digital realm with the launch of BarstoolSports.com.
The early years of Barstool were marked by Portnoy’s relentless dedication, often working over 10 hours a day, including weekends. His role as “El Presidente” or “Stool Presidente” saw him cultivate a unique brand identity: a blend of sports coverage and provocative content. This strategy proved successful, transforming Barstool Sports into a prominent online sports media platform.
In January 2016, Portnoy sold a stake in Barstool Sports to The Chernin Group for an estimated $10 – $15 million. By 2018, Chernin had increased its investment to $20 – $25 million, raising their stake to 60%. Despite the change in ownership, Portnoy retained full control over Barstool’s content. This period saw the expansion of Barstool’s offerings to include podcasts, gambling content, merchandise, alcohol brands, and TV shows.
Penn National Gaming (now PENN Entertainment) acquired a 36% stake in Barstool Sports in January 2020, valuing the company at $450 million. The initial transaction involved $163 million in cash. Penn National also secured an option to increase its stake to 50% for an additional $62 million within three years. The Chernin Group’s stake was reduced to 36%, mirroring Penn National’s, while Portnoy and key executives retained the remaining 28%.
According to an SEC filing (Penn Gaming Q1 2020 10-Q), of the $163 million paid by Penn Gaming, approximately $23 million was in convertible preferred stock, and $3 million was allocated as “forward arrangements.” The convertible stock had the potential to convert into roughly 0.50% of Penn Gaming’s market capitalization or 883,000 shares. When Penn Gaming’s market cap was $10 billion, a 0.50% stake was worth $50 million. Portnoy reportedly owned 1/3 of that stake, which at a $10 billion valuation, amounted to approximately $16 million. In addition to this stock, he retained a substantial stake in Barstool Sports.
Penn National later acquired an additional 14% of Barstool, bringing their ownership to 50%. On August 17, 2022, Penn Gaming exercised its right to acquire the remaining portion of Barstool for $387 million, completing the full acquisition. Over the course of these transactions, Penn Gaming invested a total of $550 million to acquire 100% ownership of Barstool Sports.
In a surprising turn of events, on August 8, 2023, Portnoy reacquired 100% ownership of Barstool Sports from Penn Entertainment for a nominal fee of $1.00. Penn Entertainment retained the right to 50% of the proceeds should Portnoy sell Barstool in the future. Penn Entertainment simultaneously announced a long-term exclusive betting partnership with ESPN, strategically shifting their focus in the sports media landscape.
Penn Entertainment disclosed plans to take an $850 million loss on Barstool, encompassing the $550 million acquisition cost and $300 million in related expenses and investments. The agreement restricts Portnoy from working for competing betting companies or disparaging ESPN or Penn Entertainment. The deal was structured with “PENN selling 100% of the outstanding shares of Barstool to David Portnoy in exchange for a nominal cash consideration ($1.00 dollar) and certain non-compete and other restrictive covenants.”
Real Estate Portfolio
Dave Portnoy’s real estate investments contribute substantially to his net worth. These holdings include:
- A $2.2 million home on Nantucket.
- A $14 million waterfront property in Miami.
- A $9.75 million house in the Hamptons.
- A $1.4 million property in Saratoga Springs.
- A $42 million waterfront mansion on Nantucket acquired in September 2023, setting a record for the area. The mansion is set on 1.2 acres.
Philanthropy: The Barstool Fund
During the COVID-19 pandemic in 2020, Dave Portnoy personally donated $500,000 to launch the Barstool Fund. This initiative aimed to support small businesses impacted by the crisis. Over time, the fund raised $39 million and distributed it to nearly 350 small businesses across the United States.
Personal Life
Dave Portnoy was married to Renee Satherthwaite from 2009 to 2017. In 2021, he began a relationship with Silvana Mojica.
In December 2019, a sex tape involving Portnoy was leaked. Business Insider published allegations of sexual misconduct against Portnoy on two occasions, which he vehemently denied and subsequently led to a lawsuit against the publication. In November 2022, a federal judge dismissed the lawsuit, a decision that Portnoy initially appealed but later dropped in February 2023.
In 2004, Dave Portnoy reportedly filed for bankruptcy protection due to significant gambling losses. He allegedly owed $59,000 to credit card companies and $18,000 to his father.
Dave Portnoy’s Net Worth: A Summary
Dave Portnoy’s net worth of $150 million is a result of his entrepreneurial ventures, particularly with Barstool Sports, and his strategic investments in real estate. The $1.00 re-acquisition of Barstool Sports from Penn Entertainment, while seemingly insignificant, re-established Portnoy’s control over the brand and its future direction. The precise details of Portnoy’s current financial agreements are not publicly available. However, the terms of the Barstool re-acquisition give Penn Entertainment 50% of the net proceeds in the event of a sale.
