Barstool Sports founder Dave Portnoy bought back his company from Penn Entertainment for just $1, according to, which cited new securities filings on the sale.
The deal is a shocking end to what was once seen as a potentially game-changing sports media partnership—Penn spent a whopping $551 million to acquire Barstool and said in Wednesday’s filing that it expects to stomach a $800-850 million loss on the deal. The company ditched Barstool to partner with ESPN and rebrand its sportsbooks.
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