Portnoy Solidifies Barstool Sports Ownership with $1 Reacquisition, Rejects White House Offer

Dave Portnoy, founder of Barstool Sports, has firmly re-established his control over the digital media company, repurchasing it from Penn Entertainment for a symbolic $1. This move, which occurred in August 2023, followed Penn's strategic shift to partner with ESPN for its sports betting operations, rebranding Barstool Sportsbook to ESPN Bet. Portnoy has since affirmed his commitment to Barstool Sports, stating he intends to own the company indefinitely and recently declining a potential role in the Trump administration's Department of Commerce to remain at its helm.

The reacquisition came after Penn Entertainment, which had paid a total of $551 million for Barstool Sports in stages, faced regulatory challenges due to Portnoy's controversial public persona. In a video statement, Portnoy acknowledged, "We underestimated just how tough it is for myself and Barstool to operate in the regulated world." This separation allows Barstool to return to its "pirate ship" roots, free from the constraints of a highly regulated gambling industry.

As part of the agreement, Penn Entertainment incurred a pre-tax non-cash loss estimated between $800 million and $850 million from the sale. Penn also retains the right to receive 50% of the gross proceeds if Portnoy ever sells Barstool again, though he has publicly vowed never to do so. The deal underscored the complexities of integrating a media brand known for its unfiltered content with a regulated gaming entity.

Following the reacquisition, Barstool Sports underwent significant operational adjustments, including layoffs impacting approximately 25% of its workforce. Portnoy emphasized the need for remaining employees to "step the f—k up," signaling a renewed focus on core content and efficiency. His continued leadership is expected to steer Barstool back towards its original, unconstrained editorial approach.

Portnoy's decision to reject a job offer within the Department of Commerce, as reported in March 2025, further highlights his dedication to Barstool Sports. He stated that accepting the position would have required him to leave the company, a choice he was unwilling to make. This reinforces his long-term vision for Barstool, positioning it as his primary focus for the foreseeable future.