David Portnoy is the face of Barstool Sports activities, the sports activities and leisure media firm he based 20 years in the past. He’s not sure for a way lengthy that standing will proceed.
Barstool Sports activities founder David Portnoy. His future with Penn Leisure is up within the air. (Picture: Politico)
Portnoy’s contract with Penn Leisure (NASDAQ: PENN) is up in 20 months and there aren’t any ensures the 2 sides will attain an extension. In February, Penn paid $388 million for the 64% of Barstool Sports activities it didn’t beforehand personal, bringing the overall acquisition value for Portnoy’s firm to $551 million. In an interview on “The Kirk Minihane Present” earlier this week, was ambiguous relating to his future with Penn.
There’s been some speak about it. Such as you mentioned [previously], who is aware of what they’re pondering at this level,” he advised Minihane.
That interview occurred about two weeks after Portnoy took to Twitter to inform followers he added to his already massive place in Penn inventory. That tweet offered a short lived increase to the slumping shares. In a subsequent tweet, Portnoy requested his followers whether or not he ought to stay at Penn and present indicators of overt assist for the gaming firm.
Portnoy/Penn Union Has Been Bumpy
Penn took its preliminary stake in Barstool Sports activities in 2020, hoping to leverage the brash, upstart media entity to construct its on-line sportsbook and lure a youthful, hipper clientele to its regional casinos.
Whereas there are indications the deal paid dividends on the latter entrance, Barstool Sportsbook stays a bit participant on the regulated sports activities wagering scene within the US. Moreover, the Portnoy/Penn marriage hasn’t all the time been harmonious. That a lot was on show when Barstool, on the behest of Penn, fired Poker participant Ben “Mintzy” Mintz earlier this month for utilizing a racial epithet whereas reciting a rap music on air.
Portnoy and Barstool Sports activities CEO Erika Nardini overtly disagreed with the choice. There have additionally been allegations of sexual misconduct towards Portnoy, although he’s by no means confronted expenses in a felony court docket. He’s additionally rankled some together with his views on numerous problems with the day, together with the Supreme Courtroom’s 2022 resolution to ship abortion rights again to the states and, extra lately, the collapse of Silicon Valley Financial institution.
Add all of it up and a few analysts speculate that Penn may ultimately promote or spin off Barstool Sports activities, and there’s hypothesis the pool of potential patrons can be bigger if Portnoy was out of the image. Conversely, there are analysts overlaying Penn who don’t’ view Portnoy as problematic.
Portnoy’s Submit-Barstool Choices
Ought to he in the end go away Barstool Sports activities and Penn, Portnoy has loads of choices. Within the interview with Minihane, he toyed with the thought of a podcast or spending a while out of the limelight.
He additionally talked about the potential of producing longer-form content material, maybe leveraging his well-known pizza tastings into Anthony Bourdain-esque content material.
“Like a pizza present on Netflix the place you’re doing like quarter-hour a spot … I like doing it. It excites me. I believe it’d be wildly profitable … like [Anthony] Bourdain of what I’m doing,” Portnoy advised Minihane.
