In fact, Portnoy paid 100 pennies for Barstool. That’s after Penn Entertainment paid a total of $550 million to acquire Barstool.
“Penn sold 100% of the outstanding shares of Barstool to David Portnoy in exchange for a nominal cash consideration and certain non-compete and other restrictive covenants,” the company disclosed in itsPenn has the right to receive 50% of the gross proceeds received by Portnoy in any subsequent sale or other monetization event of Barstool. Portnoy said Tuesday that he will “never” sell Barstool.
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