Dave Portnoy, born David Scott Portnoy on March 22, 1977, is an American businessman and social media personality known for founding Barstool Sports Inc.
He is the president and founder of the company, which has gained popularity for its sports and popular culture content.
Portnoy has a significant online presence, with ventures like the One Bite Pizza Reviews on YouTube.
He has been involved in controversies, including making controversial comments and facing accusations of sexual misconduct.
Net worth | $150 million |
Profession | Businessman, social media personality |
Date of birth | March 22, 1977 |
Nationality | American |
Early life
Portnoy attended Swampscott High School and later the University of Michigan, where he graduated with a degree in education.
He began his career at an IT market research firm before focusing on starting Barstool Sports.
In 2003, Portnoy founded the company as a four-page sports newspaper distributed by hand in Boston.
Over the years, Barstool Sports grew in popularity despite controversies like using derogatory language and facing accusations of promoting sexual harassment.
Net worth
Portnoy’s net worth is estimated to be around $150 million.
He earned his fortune as the founder of Barstool Sports, a digital sports media powerhouse.
Portnoy sold portions of Barstool to various buyers over several transactions, with the final transaction to Penn Gaming in August 2022.
In a surprising turn of events in August 2023, he re-acquired Barstool from Penn Gaming for a nominal price of $1, re-establishing himself as the brand’s sole owner.
This move followed Penn Gaming’s acquisition of Barstool outright at a valuation of $390 million in 2022.
Portnoy’s net worth has fluctuated due to these transactions and his ownership of Barstool Sports.
Establishing Barstool Sports
Barstool Sports was founded in 2003 by Dave Portnoy as a small local paper distributed in Boston.
Initially focused on sports, gambling and fantasy football, it quickly gained popularity and expanded to include male-interest pieces, transitioning into a more lifestyle-oriented brand.
By 2007, Barstool Sports had launched a website and expanded its paper distribution to various U.S. cities like New York, Chicago and Philadelphia.
The company’s growth was primarily driven by word-of-mouth, attracting investor interest over time.
In 2016, The Chernin Group acquired a 51% stake in Barstool Sports, valuing the company between $10 to $15 million.
Despite this investment, Portnoy retained full editorial control. Barstool Sports continued to evolve, expanding its content to include comedy, satire, pop culture, politics and sports.
The brand’s unique positioning has garnered both praise and criticism for its unfiltered approach in the digital media landscape.
Barstool Sports valuation
Barstool Sports has had varying valuations over the years. In 2020, following a round of fundraising, it was valued at $100 million.
However, after a series of transactions, including Penn National Gaming acquiring a stake in the company and later selling it back to founder Dave Portnoy, the valuation has fluctuated.
Barstool Sports was valued at $450 million after Penn National Gaming purchased a 36% stake for $163 million.
Subsequently, in February 2023, the company was valued at $606 million when Penn acquired the remaining shares.
Despite these valuations, there have been arguments that Barstool Sports is undervalued compared to other media companies, with some suggesting it should be valued at over $5 billion based on its reach and potential growth.
Penn Entertainment involvement
Portnoy’s involvement with Penn Entertainment has been significant. In a series of transactions, Penn National Gaming acquired a stake in Barstool Sports, valuing the company at $450 million.
Subsequently, in August 2023, Dave Portnoy bought back Barstool Sports from Penn Entertainment for a nominal sum of $1, regaining full ownership of the media brand.
This move marked the end of their business relationship.
The acquisition and subsequent sale of Barstool Sports had financial implications for both parties. Penn National Gaming incurred a loss of up to $850 million related to the disposal of Barstool Sports.
Additionally, Penn retains the right to receive 50% of the gross proceeds if Portnoy sells or monetizes Barstool in the future.
Portnoy cited regulatory challenges as a reason for the separation between Barstool Sports and Penn Entertainment.
Issues like denied gambling licenses due to his actions and content were mentioned as factors influencing their decision to part ways.
With full ownership of Barstool Sports, Portnoy expressed his intention to retain control over the brand and emphasized that he will not sell it.
This move allows him to operate without restrictions and continue shaping the content and direction of Barstool Sports as he sees fit.
Davey Day Trader Global
Portnoy’s Davey Day Trader Global persona emerged during the pandemic, showcasing his foray into day trading.
He ventured into stock trading under this alter ego. His trading activities gained attention, with notable gains like a $600,000 unrealized profit.
Portnoy’s stock picks and market moves were closely followed, including instances like purchasing shares of Spirit Airlines Inc after a significant stock drop and subsequent refinancing.
Despite disclaimers that he is not a financial advisor but a gambler, his trading endeavors have been lucrative.
The Davey Day Trader persona became a prominent feature in Portnoy’s media presence, attracting subscribers and followers interested in his stock market exploits.
PFT Commenter deal
Portnoy recently announced that PFT Commenter, whose real name is Eric Sollenberger, has signed a new three-year deal with Barstool Sports.
This agreement was confirmed by Portnoy on social media, where he shared the news of PFT Commenter’s extended contract with the company.
PFT Commenter gained internet fame through a parody Twitter account in the early 2010s before joining Barstool Sports in 2016.
He co-created the satirical Pardon My Take podcast with Dan Big Cat Katz, which has become one of the world’s most popular sports podcasts.
Despite some controversies surrounding Barstool Sports, PFT Commenter has maintained a high approval rating and even appeared as a celebrity guest picker on ESPN’s College GameDay.
This new deal for PFT Commenter comes after a period of change at Barstool Sports, including the departure of CEO Erika Ayers Badan and new partnerships with platforms like Rumble and DraftKings.
DraftKings partnership
Portnoy recently announced a significant partnership between Barstool Sports and DraftKings.
This multiyear deal marks the rekindling of their relationship, with DraftKings becoming the official sports betting partner of Barstool Sports.
The agreement involves integrating DraftKings odds into Barstool’s content and directing viewers to the sportsbook. In return, Barstool Sports is set to receive low eight figures in compensation.
This partnership follows the end of non-compete agreements that were in place after Portnoy repurchased Barstool from PENN Entertainment in 2023.
To kick off this collaboration, Barstool and DraftKings organized a free throw contest live stream where viewers could participate by betting on the outcome for free, with a chance to win money.
This partnership signifies a return to Barstool’s roots in the gambling business and highlights the strategic alignment between Barstool Sports and DraftKings.
TwoYay platform
Portnoy introduced the TwoYay platform as a proprietary marketplace connecting college athletes with brands and advertisers.
This platform aimed to be the most comprehensive user base of college athletes available, drawing from the Barstool Athletes network, which already included over 150,000 college athletes across various divisions, sports, and states.
TwoYay was designed to facilitate endorsement deals between athletes and brands without charging fees or taking a cut from the athlete’s side.
However, after 18 months of operation, Barstool Sports announced the closure of the TwoYay Marketplace due to the rapidly evolving and unpredictable nature of the NIL landscape.
The decision to shut down TwoYay was made to ensure a positive experience for users amidst the changing environment.
Initially focused on athletes, there were plans to expand TwoYay beyond athletes to include all types of influencers with social followings.
Real estate properties
Portnoy’s real estate portfolio includes several notable properties;
Nantucket mansion: Portnoy recently acquired a waterfront mansion on Nantucket for a record-breaking $42 million.
This luxurious estate spans 1.2 acres and features a main residence with four bedrooms, a pool area, guest quarters accessible via an underground tunnel, and stunning views of Nantucket Harbor.
Hamptons Beach house: In 2022, Portnoy purchased a beach house in the Hamptons for $9.75 million. Situated on nearly a full acre of land, the property offers ocean views, a pool, and luxurious amenities.
Miami Bayfront home: Portnoy owns a bayfront mansion in Miami purchased for $14 million in 2021. This waterfront property boasts nine bedrooms, eight-and-a-half bathrooms, and sits on a 1-acre lot.
Montauk property: Through his company Stella Montauk LLC, Portnoy acquired a mansion in Montauk, New York, for approximately $9.75 million. This property is situated on a 1-acre lot and offers lavish living spaces.
Nantucket mansion
Portnoy’s Nantucket mansion, acquired for a record-breaking $42 million, is a luxurious property situated on 1.2 acres near the sea shore in Monomoy, Nantucket.
This estate includes a main dwelling with six bedrooms, nine full baths, and two half baths, connected to a guesthouse via an underground tunnel.
The mansion features multiple sets of accordion glass walls that create an open feel with the harbor, an infinity pool, various decks and a home gym.
This purchase set a new benchmark for residential real estate on Nantucket and Massachusetts, surpassing the previous record sale of $38 million.
Portnoy’s acquisition showcases his investment in high-end real estate and his preference for upscale properties with unique features like the underground tunnel connecting different structures on the property.
Entrepreneurial career
Portnoy’s career trajectory is marked by entrepreneurial ventures and media success.
After leaving the University of Michigan, he initially worked in sales but found it unfulfilling. In 2003, he launched Barstool Sports with financial support from his parents, starting as a free newspaper.
Over the years, Barstool Sports evolved into a prominent sports media company known for its blogs, podcasts and video content.
Portnoy’s innovative approach and controversial persona as “El Presidente” contributed to the brand’s growth and popularity.
His career also includes notable initiatives like the launch of The Barstool Fund in 2020 to support small businesses during the COVID-19 pandemic.
Despite facing challenges like a defamation lawsuit following allegations of sexual misconduct, Portnoy has remained a prominent figure in the media landscape.
His diverse business ideas, including ventures like reselling college furniture and creating a platform for Division III college athletes, showcase his entrepreneurial spirit and willingness to explore new opportunities.
Barstool Fund
The Barstool Fund is a charitable initiative launched by Dave Portnoy in 2020 to support small businesses affected by the COVID-19 pandemic.
The fund was established to provide financial assistance to businesses that were struggling due to the pandemic’s economic impact.
Portnoy personally donated $500,000 to kick off the fund and encouraged others to contribute.
The fund aimed to help small businesses in various industries, including restaurants, bars and retail stores, which were hit hard by the pandemic’s restrictions and closures.
Personal life
Portnoy married Renee Satterthwaite, known as the First Lady of Barstool Nation, in 2009, but their marriage ended in 2017 after reports of Portnoy’s affair with Jordyn Hamilton surfaced.
She has a background in equestrian sports and animal advocacy, and played a significant role in Barstool Sports’ success and was known as the “First Lady of Barstool Nation.”
After her divorce from Portnoy in 2017 following allegations of infidelity, Renee focused on her passion for animals and founded Renee Rescues, an organization dedicated to rescuing animals in need.
Portnoy’s love life continued to attract attention post-divorce. He was romantically linked to Silvana Mojica starting in 2021.
Mojica, a model and marketing professional, graduated from Florida State University with a degree in marketing and works as a social media marketing assistant at Giti Inc. She is also a brand ambassador for Fashion Nova.