Dave Portnoy couldn’t be happier to be back in full control of Barstool Sports.
This week, Portnoy, 46, bought back the company he founded in 2003, telling he vowed never to go public again.
“We were limited because we were in a regulated environment,” Portnoy told of PENN Entertainment’s previous ownership. “Now we can be an independent media company that can say what we want and have no rules.”
“We don’t care if people don’t like what we say or do. Now we’re going to be ourselves,” he told street journalist Adam Glyn.
Portnoy is known for his flippant remarks and often salacious interpretations of pop culture, but he assured that despite his newfound freedom, “we will not express hate or racism.”
Dave Portnoy regained control of Barstool Sports this week after buying back the company he founded
Portnoy founded Barstool Sports as a print publication in Boston in 2003
With Barstool’s public ownership came scrutiny from investors and the media.
In May, former presenter Ben Mintz was fired from PENN after reading rap lyrics containing the N-word.
Despite an apology and requests from Portnoy to keep him, PENN fired Mintz. PENN’s share price fell as a result of its cancellation.
In one of his first acts as sole owner, Portnoy brought Mintz back.
He and Mintz posted videos of both sides of the same phone call – showing he would be returning to Barstool.
Portnoy told he will never go public again.
“I’ve made more money doing it than I ever dreamed of in my life.” “I want Barstool to be a place where we don’t care about making money or growing,” he said.
“We take great pride in creating great content.” People come to work and are happy. We are not guided by the bottom line. Our drive is to make people laugh.”
PENN decided to take a different direction after agreeing to a deal with ESPN — the company had a frosty relationship with Barstool in the past.
Portnoy told that he negotiated with PENN for about three weeks and did not negotiate with ESPN.
“I want to be more involved and I want us to be us, which I think is an innovative, funny, satirical blog that doesn’t have to worry about public opinion,” he said.
Portnoy smiled as he said, “I’m very happy with this deal.”
Portnoy told : “Now we can be an independent media company that can say what we want and have no regulations.”
Ben Mintz has returned to Barstool Sports after Portnoy reacquired the company
Mintz apologized for the insult on Twitter and insisted he meant no harm
Massachusetts-born Portnoy, who has been very vocal about Tom Brady’s dating life since splitting from supermodel Gisele, told what he wishes for the former New England Patriots quarterback.
“I want someone who will treat Tom correctly and fairly and not use him for profiling,” he said. “I want him to be happy.”
When rumors surfaced that Brady was dating Kim Kardashian, Portnoy took to social media to denounce the alleged relationship.
“Tom Brady can’t date Kim Kardashian.” “If he’s not better, we as men have nothing,” he said.
Regarding the US women’s soccer team’s defeat at the World Cup, he said: “It’s a huge burden.”
“They’re fed up this year, but when you win two world championships out of three, that’s a good run.” “They’ve just gotten old,” he said.
Portnoy said he hopes Tom Brady finds a woman who will “treat him fairly and not use him to build her profile,” while denying rumors he is dating Kim Kardashian
Portnoy announced this in a video on Tuesday. “PENN Entertainment and Barstool Sports have gone their separate ways.” “In that moment — as you watch this video — I repurchased Barstool Sports from PENN,” he said.
PENN acquired a 36 percent stake in Barstool in January 2020, increasing its stake to approximately 50 percent by 2023.
Reports at the time of PENN’s initial deal indicated that the Chernin Group would retain its 36 percent stake in the company. It’s unclear if Chernin ultimately sold his stake to PENN or if they sold it to Portnoy as part of that deal.
Portnoy said, “We made this deal about three years ago, and I think both parties agreed, ‘We’re going to take this thing to the moon.'”
“We underestimated how difficult it was for me and Barstool to operate in a regulated world where gaming regulators, the New York Times and Business Insider are tearing the stock price apart. Every time we did something, it was one step forward and two steps back.
“We were denied a license because of me.” You name it. As such, the regulated industry is probably not the best place for Barstool Sports and the type of content we create.”
“PENN was able to negotiate an incredible deal with ESPN.” We wish them all the best in their efforts. It really is a win-win situation.”