Penn National invests $163M in Barstool for 36% stake in 2020
Dave Portnoy, founder of Barstool Sports, who has made millions, is more of a spender than a saver these days.
“I buy houses, I love gambling on games. I’m one of those people who, like Jimmy Buffett’s song, ‘Makes enough money to buy Miami, but not enough to survive,’” he said recently on Granthshala Business. Recently explained during an appearance. “Warney & Company,” he said, “I haven’t had a grown-up. When I have, I spend it. I’m not like hoarding it.”
Portnoy notes that she has bought a house in Miami and owns another in the Hamptons, “so I’m off to a good two starts.” they even have a house Nantucket According to a recent profile in a local magazine since 2016.
Portnoy is also working in cryptocurrencies including bitcoin.
Portnoy replied, “I want to buy more, but I don’t have any more money to buy right now. You’ll have to earn some more money before I can buy more.”
Portnoy’s fortune exploded when, in 2016, he sold a majority of his stake in the company to the Chernin Group, according to which Barstool was reportedly valued at between $10 million and $15 million. Forbes.
Subsequently, in January 2020, Penn National – which operates 43 destinations nationwide – announced that it would acquire a 36% stake in Barstool to value the digital media company north of $450 million. North of the U.S. was investing $163 million.
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|pen||Penn National Gaming, Inc.||73.09||-2.01||-2.68%|
The deal also left Portnoy, Barstool CEO Erica Nardini, and other employees with a 28% stake. per company.
Despite his fortune, which is now tied in Penn National stock, Portnoy says he’s not good at “hoarding.”
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Portnoy said he also plans to hold a huge yacht party if Penn’s stock price hits $200 a share.
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Portnoy told Stuart Verne, “If the pen, the vast majority of my luck—if we can get it down to $200, anyone who bought it, I’m throwing an invite-only yacht party at my place in Miami.” Am.”
Shares of Penn National have slipped more than 15% this year, trailing the S&P 500’s 17% gain.