Dave Portnoy buys Barstool Sports back for next to nothing, years after selling it
"Every time we did something, it was one step forward, two steps back," Portnoy said in his video announcement on Tuesday."We got denied licenses because of me. You name it. So the regulated industry probably not the best place for Barstool Sports and the type of content we make."
A press release published Tuesday said that Penn sold 100% of the Barstool's common stock back to Portnoy"in exchange for certain non-compete and other restrictive covenants." Penn also has the right to receive half of the gross proceeds received by Portnoy in any subsequent sale or other monetization event of Barstool, according to the terms of the deal.
Penn's relationship with Barstool hasn't been entirely smooth sailing. In May, Penn overrode Barstool executives when the company fired Ben Mintz, a poker player who said a slur while reading the lyrics to a song on a livestream.
Representatives for Penn Entertainment and Barstool Sports did not immediately respond to requests for comment.Subscribe to push notificationsNOW WATCH: Why MassMutual is all in on the Boston Red Sox, according to CMO Jennifer HalloranTwo crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.
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