For the first time in over a decade, Dave Portnoy owns all of Barstool Sports.
Tuesday, Penn Entertainment announced it had divested from Barstool, selling 100 percent of its stake to Portnoy. In addition, Penn signed an exclusive partnership deal with ESPN to trademark and create “ESPN Bet” for a 10-year term.
Portnoy regaining ownership of Barstool is the more interesting piece of news. Penn finalized an acquisition of the brand earlier this year for a total of $551 million. Portnoy first sold a majority stake in Barstool to Peter Chernin’s Chernin Group in 2016.