Dave Portnoy's net worth today: How rich is Barstool's founder?
Dave Portnoy is an American businessman and internet personality. He is the founder of the sports and pop culture company Barstool Sports, which has undergone various ownership changes since its inception over two decades ago. Uncover Dave Portnoy's net worth today and the lifestyle it affords him.
Source: Getty Images
TABLE OF CONTENTS
Dave Portnoy grew up in Swampscott, Massachusetts. He attended the University of Michigan, where he founded thegamblingman.com, a website for publishing his sports betting picks. After graduation, he relocated to Boston and set up roots for Barstool Sports.
Dave Portnoy's profile summary
Full name | David Scott Portnoy |
Nicknames | El Presidente |
Date of birth | March 22, 1977 |
Age | 47 years old in 2024 |
Birth sign | Aries |
Place of birth | Swampscott, Massachusetts, United States |
Nationality | American |
Ethnicity | Jewish |
Gender | Male |
Sexual orientation | Straight |
Marital status | Separated |
Wife | Renee Portnoy (2009-2017 but still legally married) |
Children | None |
Parents | Linda (a high school teacher) and Michael (an attorney) |
Education | University of Michigan (Education), Swampscott High School |
Profession | Businessman, social media personality |
Social media |
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How much is Dave Portnoy worth in 2024?
Dave Portnoy's net worth in 2024 is estimated to be $150 million, according to Celebrity Net Worth. He earns from his various online business ventures. CA Knowledge estimates Dave Portnoy's salary to be over $12 million per year.
Why is Dave Portnoy so rich?
Dave began his career as a salesman delivering newspapers in Boston, Massachusetts, but soon followed his passion for sports to create Barstool Sports in 2003. Initially starting as a print publication, Barstool Sports grew into a significant digital sports media entity known for its bold take on sports and pop culture.
Portnoy's wealth also comes from other ventures, including investments and podcasting. He hosts the internet show One Bite Pizza Reviews, where he rates pizza from various restaurants around the world.
Source: Original
How much did Portnoy sell Barstool for?
Dave Portnoy sold Barstool Sports' majority control (51%) to Peter Chernin's The Chernin Group in 2016. The deal was valued at between $10 million and $15 million.
The Chernin Group ceded its control in January 2020 when Penn Entertainment, then known as Penn National Gaming, acquired a 36% stake in Barstool Sports for $163 million. Penn acquired the remainder of the company for about $388 million in February 2023 to become its sole owner.
Dave reacquired Barstool from Penn Entertainment in August 2023 for $1. Penn reserves the right to 50% of the gross proceeds in case Portnoy decides to monetize Barstool Sports in future. In a 10-Q filling, Penn wrote;
In connection with Penn's decision to rebrand our online sports betting business from Barstool Sportsbook to ESPN Bet pursuant to the Sportsbook Agreement as discussed above, Penn entered into a stock purchase agreement with David Portnoy (the "Barstool SPA") on August 8, 2023.
Penn sold 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. Penn has the right to receive 50% of the gross proceeds received by David Portnoy in any subsequent sale or other monetization event of Barstool.
Source: Getty Images
How much is a Barstool worth now?
Barstool Sports' net worth was around $606 million when Penn acquired the whole of it in February 2023, according to CNBC. The company's revenue has been increasing after its expansion into various niches, including virtual dining, sports media, and frozen pizza.
Dave Portnoy's house
The businessman has an extensive real estate portfolio across the United States. He owns a $42 million waterfront property in Monomoy, Nantucket, Massachusetts. He purchased the 1.2-acre island estate with an underground tunnel in September 2023. He later wrote in an X post,
Nantucket has always been my favourite place on earth. The best day of my year was heading to the island for vacation. The worst day was taking the ferry back home. Once Barstool started taking off, I dreamed of buying a place where I could see the ferry come and go and have privacy because seeing the ferry leave makes me appreciate every second I got to spend on the island.
Portnoy has a $1.4 million property in Saratoga Springs, Upstate New York. He purchased the 1,522-square-foot ranch-style house in early 2023. In January 2022, he paid $9.75 million for a beach house in the Hamptons, Montauk.
Dave's nine-bedroom bayfront mansion in the Morningside neighbourhood, Miami, cost him $14 million in April 2021. He owns another $2.2 million property in Nantucket.
Source: Instagram
FAQs
Dave Portnoy is currently a household name in the world of digital media. Here are some frequently asked questions about the businessman;
Is Dave Portnoy a billionaire?
The Barstool Sports founder is not a billionaire yet. His net worth in 2024 is estimated to be $150 million.
Why did Barstool sell for $1?
In August 2023, Penn Entertainment sold Barstool Sports back to its original owner, Dave Portnoy, for $1 in exchange for certain non-compete and other restrictive covenants. The decision came after Penn signed a deal with ESPN to rebrand their existing Barstool Sportsbook to ESPN Bet.
Source: Getty Images
How much of Barstool does Dave Portnoy still own?
Portnoy currently owns 100% of Barstool Sports. Penn Entertainment became the sole owner of the company in February 2023 after acquiring it for around $551 million in an ownership deal that started in 2020. They sold it back to Dave in August 2023.
Dave Portnoy's net worth today reflects the growth of his business from a small print publication in Boston to an online media powerhouse. His evolving brand continues to have a cultural impact.
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