David Portnoy, founding father of Barstool Sports, is interviewed on the Trackside Live Stage within the LVMS Neon Garage before the South Point 400 Monster Energy NASCAR Cup Series playoff race on September 15, 2019, at Las Vegas Motor Speedway in Las Vegas, NV.
Chris WIlliams | Icon Sportswire | Getty Images
David Portnoy, the outspoken founding father of Barstool Sports, is once more the owner of his media brand, after buying it back from Penn Entertainment.
The worth of the deal, which was announced Tuesday, was not immediately known. Barstool Sports was valued at $606 million in February, when Penn bought the remainder of the corporate it didn’t already own. Penn became a minority owner in 2020.
Portnoy, who founded Barstool Sports in 2003, said in a post Tuesday that Penn and Barstool had “gone our separate ways.” Penn said the divestiture was accomplished in exchange for “non-compete and other restrictive covenants.”
Penn sold Barstool at the identical time that it announced an internet sports betting take care of Disney-owned ESPN. That disclosure sent Penn shares up greater than 15% in after-hours trading.
Penn can have the best to 50% of the gross proceeds within the event that Portnoy sells or monetizes Barstool, the discharge said.
— CNBC’s Lilian Rizzo contributed to this report.