David Portnoy, founding father of Barstool Sports activities, is interviewed on the Trackside Are living Level within the LVMS Neon Storage earlier than the South Level 400 Monster Power NASCAR Cup Collection playoff race on September 15, 2019, at Las Vegas Motor Speedway in Las Vegas, NV.
Chris WIlliams | Icon Sportswire | Getty Pictures
David Portnoy, the outspoken founding father of Barstool Sports activities, is as soon as once more the landlord of his media emblem, after purchasing it again from Penn Leisure.
The price of the deal, which was once introduced on Tuesday, was once now not straight away recognized. Barstool Sports activities was once valued at $606 million in February, when Penn purchased the remainder of the corporate it did not already personal. Penn was a minority proprietor in 2020.
Portnoy, who based Barstool Sports activities in 2003, stated in a put up on Tuesday that Penn and Barstool had “long gone our separate techniques.” Penn stated the divestiture was once finished in change for “non-compete and different restrictive covenants.”
Penn bought Barstool on the similar time that it introduced a web-based sports-betting maintain Disney-owned ESPN. That disclosure despatched Penn stocks up greater than 15% in after-hours buying and selling.
Penn may have the appropriate to 50% of the gross proceeds within the match that Portnoy sells or monetizes Barstool, the discharge stated.
— CNBC’s Lilian Rizzo contributed to this file.