David Portnoy has an estimated net worth of $80 million as a sports media figure and online entrepreneur in the United States.
Portnoy made his money as the founder of Barstool Sports, a digital sports company. Over the course of two trades, he sold pieces of Barstool. In 2016, he sold a majority share to The Chernin Group for the first time.
Penn Gaming paid $163 million to the founders for a 36 percent ownership in the company in January 2020. This article will go into greater detail about these trades and their impact on Portnoy’s fortune.
According to a Penn Gaming Q1 2020 10-Q SEC filing, $23 million was donated as convertible preferred stock and $3 million was set aside as “forward arrangements” out of the $163 million in cash. The convertible stock can be converted into 0.83,000 Penn Gaming shares, or around 0.5 percent of the company’s market worth.
Penn Gaming has a market capitalization of $10 billion as of this writing. At such price, a 0.5 percent ownership would be worth $50 million. Dave is said to own a third of that share, which is worth roughly $16 million at today’s prices. Dave Portnoy’s net worth is estimated to be $100 million, based on his remaining around $90 million share in Barstool and money from past sales.
Portnoy is a devout Jew. In 2009, he married Renee Satherthwaite, but the couple divorced in January 2017. In 2020, Portnoy gave $500,000 to The Barstool Fund, a COVID-19 pandemic relief initiative for small businesses. As of May 2021, the campaign had raised over $39 million for 348 businesses.
Allegations of sexual misbehavior
In November 2021, a Business Insider exposé claimed that Portnoy had recorded three women without their knowledge and engaged in violent and aggressive sexual encounters with them. Portnoy responded to what he called a “hit piece” by claiming that Business Insider had spent eight months trying to discover evidence of misconduct from him.
During intercourse, one of the women was harmed by Portnoy, who fractured a rib. Although Portnoy agreed to causing the injuries, he denied that it was done in an unconsensual manner. On February 2, 2022, Business Insider published other such claims. Following that, Portnoy filed a lawsuit against the publication, saying the reports were “false and defamatory.”
David Portnoy was born in Swampscott, Massachusetts, on March 22, 1977. He moved on to the University of Michigan after graduating from Swampscott High School, where he earned a bachelor’s degree in education in 1999.
He relocated to Boston after college and worked for Yankee Group, an IT market research firm.
Portnoy departed the Yankee Group after four years to start what would become Barstool Sports. The work of Peter Chernin On January 7, 2016, the Chernin Group purchased a controlling ownership in Barstool, and it was announced that the company’s headquarters would relocate to New York City.
Penn National Gaming paid $163 million to the founders of Barstool Sports in 2020 for a 36 percent ownership in the company, comprising $135 million in cash and $28 million in Penn non-voting convertible preferred stock.
The Chernin Group will keep a 36 percent ownership in the company after the sale, while Portnoy will continue to administer the site and retain creative control over content.
Portnoy has been arrested twice in NFL-related incidents, the first on May 12, 2015, when he and three Barstool employees handcuffed each other on the floor of NFL headquarters to protest Deflategate, and the second in 2019, when he was placed in a holding cell at Mercedes-Benz Stadium for a portion of Super Bowl LIII.
In the latter occasion, he was barred from attending the game because he had made phony permits to attend a press event the day before.