Dave Portnoy Net Worth: How He Made His Fortune? Latest by 2021

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David Portnoy is a well-known media personality in the sports world in the United States and an internet entrepreneur. A total of $120 million can be considered Dave Portnoy’s net worth. As the founder of the online sports conglomerate Barstool Sports, Portnoy has amassed a considerable fortune for himself.

 

Early Life and Career of Dave Portnoy

On March 22, 1977, David Portnoy came into the world. In 1999, he received a degree in education from the University of Michigan, where he had previously studied. After graduating from college, he relocated to Boston and found employment with an IT market research company there. In 2003, he launched Barstool Sports as a print publication geared toward the metropolitan area of Boston.

In addition to sports coverage and fantasy sports predictions, the newspaper also featured gaming advertisements. 2007 marked the beginning of operations for the website. Over the course of the next decade, Barstool would emerge as an unexpected leader in the sports media industry. In the early days of the site, it was common knowledge that Portnoy would consistently work more than ten hours per day while also continuing to put in time at the office on weekends.

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On the website, Dave is known as “El Presidente” or the “Stool Presidente.” The content on the website includes both snarky sports coverage and pictures of attractive women. The product has been compared to a cross between ESPN and Girls Gone Wild in a number of reviews. This partnership is producing positive results, as evidenced by the fact that BarstoolSports is currently one of the most visited sports websites on the internet.

In 2017, Portnoy began publishing a series of reviews of pizza under the title “One Bite with Davey Pageviews.” The unofficial objective of the show is to evaluate each and every pizza establishment in Manhattan.

Renee Satterthwaite and Portnoy were married from 2009 until 2017 when they divorced.

 

The Chernin Group Acquired Barstool Sports

It was reported in January 2016 that Peter Chernin’s company, The Chernin Group, had acquired a majority stake in Barstool for a price ranging between $10 and $15 million. By the year 2018, Chernin had invested $20–25 million in order to increase his stake to 60% of the company. Portnoy maintained complete authority over the content produced by the company, which eventually expanded to include podcasts, content related to gambling, merchandise, alcohol brands, television shows, and more.

 

Penn National Acquired Barstool Sports

When Penn National Gaming made its purchase of a 36 percent stake in Barstool Sports in January of 2020, the company had an estimated value of approximately $450 million. It is estimated that a total of 163 million dollars worth of cash will be exchanged at the beginning of the process. Penn National has the option of increasing its stake in the company to fifty percent by making additional payments totaling $62 million over the course of the next three years.

The Chernin Group’s holdings in the company were brought into parity with Penn National’s after the completion of the initial deal, which resulted in the reduction of The Chernin Group’s stake from 60 percent to 36 percent. The remaining 28 percent of the company is still owned by Portnoy in addition to a select group of key executives, one of which is Erika Nardini, who is the CEO.

In the days that immediately followed the announcement, the price of each share continued its meteoric rise, eventually reaching a new all-time high of $38. Penn’s stock, unfortunately, went through a precipitous decline as a direct consequence of the widespread Coronavirus outbreak. The price of one share of the stock fell to $7 by the 17th of March after it had previously been at a higher level. When measured against the all-time high, this equates to an 81% drop in value.

By the 10th of May, it had made its way back up to roughly $20 per share after initially falling. The price had more than doubled by the month of August when it had reached roughly $50 per share. By the beginning of January the year 2021, the price of a share had increased to more than $100.

When Penn National Gaming made its purchase of a 36 percent stake in Barstool Sports in January of 2020, the company had an estimated value of approximately $450 million. It is estimated that a total of 163 million dollars’ worth of cash will be exchanged in the beginning of the process. Penn National has the option of increasing its stake in the company to fifty percent by making additional payments totaling $62 million over the course of the next three years.

The Chernin Group’s holdings in the company were brought into parity with Penn National’s after the completion of the initial deal, which resulted in the reduction of The Chernin Group’s stake from 60 percent to 36 percent. The remaining 28 percent of the company is still owned by Portnoy in addition to a select group of key executives, one of which is Erika Nardini, who is the CEO.

In the days that immediately followed the announcement, the price of each share continued its meteoric rise, eventually reaching a new all-time high of $38. Penn’s stock, unfortunately, went through a precipitous decline as a direct consequence of the widespread Coronavirus outbreak. The price of one share of the stock fell to $7 by the 17th of March after it had previously been at a higher level. When measured against the all-time high, this equates to an 81% drop in value.

By the 10th of May, it had made its way back up to roughly $20 per share after initially falling. The price had more than doubled by the month of August when it had reached roughly $50 per share. By the beginning of January in the year 2021, the price of a share had increased to more than $100.

 

Stock Holdings

From the total cash amount of $163 million, approximately $23 million was distributed as convertible preferred stock, and $3 million was set aside as “forward arrangements,” as stated in the SEC filing that Penn Gaming submitted for their Q1 2020 10-Q. The stock is convertible into an amount equal to approximately 0.5 percent of Penn Gaming’s market cap, or 883,000 shares of Penn Gaming.

As of the time, this article was written, Penn Gaming’s market cap was sixteen billion dollars. In light of this, a stake of 0.5 percent would be worth $80 million at the current level. It is said that Dave owns one-third of that stake, which would translate to approximately $26 million. We estimate that Dave Portnoy’s net worth is currently at $120 million after factoring in the roughly $90 million worth of stakes he still holds in Barstool and the money he has made from previous transactions.

From the total cash amount of $163 million, approximately $23 million was distributed as convertible preferred stock, and $3 million was set aside as “forward arrangements,” as stated in the SEC filing that Penn Gaming submitted for their Q1 2020 10-Q. The stock is convertible into an amount equal to approximately 0.5 percent of Penn Gaming’s market cap, or 883,000 shares of Penn Gaming.

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As of the time this article was written, the market cap for Penn Gaming was $10 billion. Taking all of this into consideration, a stake of 0.5 percent would be worth $50 million at that level. It is said that Dave owns one-third of that stake, which, based on current values, amounts to approximately sixteen million dollars. We estimate that Dave Portnoy’s net worth is currently at $100 million after taking into account the roughly $90 million worth of his remaining stake in Barstool and the wealth he has accumulated from previous transactions.

 

What is David Portnoy’s net worth and salary?

David Portnoy is a prominent figure in American sports media and an internet entrepreneur. He has a net worth of $80 million at this time. As the founder of the digital sports conglomerate Barstool Sports, Portnoy has amassed a considerable fortune for himself.

Over the course of two separate transactions, he sold portions of Barstool. In 2016, the first parted ways with a majority stake by selling it to The Chernin Group. In January of 2020, Penn Gaming paid the company’s founders $163 million to acquire a 36 percent stake in the company. Later on in this article, you’ll find more information on these transactions and the impact they had on Portnoy’s wealth.

 

Barstool

Barstool Sports was initially conceived by Dave in 2003 as a print publication geared toward the metropolitan area of Boston. In addition to sports coverage and fantasy sports predictions, the newspaper also featured gaming advertisements. 2007 marked the beginning of operations for the website. Over the course of the next decade, Barstool would emerge as an unexpected leader in the sports media industry. In the early days of the website, Portnoy was known for routinely putting in more than 10 hours of work per day, while also continuing to work on both Saturdays and Sundays.

Dave is known as “El Presidente” or the “Stool Presidente” on the website. The content on the website includes both snarky sports coverage and pictures of attractive women. The product has been compared to a cross between ESPN and Girls Gone Wild in a number of reviews. This combination appears to be successful, as BarstoolSports is currently one of the most popular websites devoted to sports that can be found on the internet.

In 2017, Portnoy began publishing a series of reviews of pizza under the title “One Bite with Davey Pageviews.” The unofficial objective of the show is to evaluate each and every pizza establishment in Manhattan.

 

Chernin Acquisition

In January of 2016, it was reported that Peter Chernin’s The Chernin Group had acquired a majority stake in Barstool for a price ranging from $10 million to $15 million. By the year 2018, Chernin had invested $20–25 million in order to increase his stake to 60% of the company. Portnoy maintained complete authority over the content produced by the company, which eventually expanded to include podcasts, content related to gambling, merchandise, alcohol brands, television shows, and more.

 

Penn National Acquisition

Barstool Sports was worth approximately $450 million when Penn National Gaming purchased a 36 percent stake in the company in January of 2020. The total amount of cash that will be transacted in the beginning will amount to 163 million dollars. Penn National has the option to pay an additional $62 million over the course of the next three years, bringing its total investment to 50 percent.

Following the completion of the initial deal, The Chernin Group’s stake was reduced from 60 percent to 36 percent, bringing it into parity with Penn National’s holdings. Portnoy and a select group of key executives, including CEO Erika Nardini, continue to own the remaining 28 percent of the company.

The price of each share skyrocketed to a new all-time high of $38 in the days that immediately followed the announcement. Unfortunately, as a direct result of the widespread Coronavirus outbreak, Penn’s stock experienced a precipitous decline. By the 17th of March, the price of a share of the stock had dropped to $7. When compared to the all-time high, this represents an 81% decrease.

By the 10th of May, it had climbed back up to approximately $20 per share. By the end of August, the price per share had more than doubled, reaching approximately $50. By January 2021, the price of a share had risen to more than $100.

 

The Barstool Fund

In the year 2020, when the COVID-19 pandemic was at its peak, Dave made a contribution of $500,000 to the Barstool Fund, which had been established to assist small businesses that had been impacted by the crisis. The fund was eventually able to raise $39 million, which was then dispersed to nearly 350 different small businesses.