Dave Portnoy couldn’t be happier to have Barstool Sports back in full control.
This week, Portnoy, 46, bought back the company he founded in 2003 and tells DailyMail.com he vows never to go public again.
“We were limited because we were in a regulated environment,” Portnoy told DailyMail.com of PENN Entertainment’s previous ownership. “Now we can be an independent media company that can say what we want and have no rules.
“We don’t care if people don’t like what we say or what we do. Now we’re going to be ourselves,” he told street journalist Adam Glyn.
Portnoy is known for his flippant remarks and often lewd take on pop culture, but he assured that despite his newfound freedom, “We won’t be spiteful, racist, none of that.”
Dave Portnoy regained control of Barstool Sports this week after buying back the company he founded
Portnoy founded Barstool Sports as a print publication in Boston in 2003
With Barstool’s public ownership came criticism from investors and media.
In May, former host Ben Mintz was fired by PENN after reading rap lyrics containing the N-Word.
Despite an apology and pleas from Portnoy to keep him, PENN fired Mintz. PENN’s share price fell as a result of its elimination.
In one of his first acts as sole proprietor, Portnoy brought Mintz back.
He and Mintz posted videos from their side of the same phone call – revealing that he returned to Barstool.
Portnoy told DailyMail.com that he will never go public again.
‘I made more money with this than I could ever dream of in my life. I want Barstool to be a place where we don’t worry about making money or growing,” he said.
“We are stressed about making great content. People show up at work, they’re happy. We are not driven by the bottom line. We are driven by making people laugh.’
PENN decided to go in a different direction after agreeing to a deal with ESPN – which has had a frosty relationship with Barstool in the past.
Portnoy told DailyMail.com that he was talking to PENN for about three weeks and not dealing with ESPN.
“I want to be more involved and I want us to be us, which I think is a cutting-edge, funny, satirical blog that doesn’t have to worry about public opinion,” he said.
Portnoy smiled as he said, “I’m very happy with this deal.”
Portnoy told DailyMail.com: ‘Now we can be an independent media company that can say what we want and have no rules’
Ben Mintz has returned to Barstool Sports after Portnoy reacquired the company
Mintz had apologized for the insult on Twitter and insisted he meant no harm
Massachusetts native Portnoy, who has been very vocal about Tom Brady’s dating life since his split from supermodel Gisele, told DailyMail.com what he wants for the former New England Patriots quarterback.
“I want someone who treats Tom properly and fairly and doesn’t use him to build their profile,” he said. “I want him to be happy.”
When rumors spread that Brady was dating Kim Kardashian, Portnoy took to social media to bash the alleged relationship.
Tom Brady can’t date Kim Kardashian. If he isn’t better than that, we as men have nothing,” he said.
About the loss of the US women’s soccer team at the World Cup, he said “it’s a huge choke.”
“They’re choking this year, but if you win two of the three World Cups, that’s a good run. They just got old,” he said.
Portnoy said he hopes Tom Brady finds a woman who “treats him fairly and doesn’t use him to build their profile,” while dismissing rumors that he was dating Kim Kardashian
Portnoy announced this in a video on Tuesday. “PENN Entertainment and Barstool Sports have gone their separate ways. As of this moment – as you watch this video – I have repurchased Barstool Sports from PENN,” he said.
PENN had bought a stake in Barstool in January 2020 for 36 percent of the company, increasing its stake to about 50 percent by 2023.
Reports at the time of the initial PENN deal indicated that The Chernin Group would retain their 36 percent stake in the company. It’s unclear if Chernin ended up selling their interest to PENN or if they sold it to Portnoy in this deal.
Portnoy said, “We made this deal about three years ago, and I think both parties thought, ‘We’re going to take this thing to the moon.'”
“We underestimated how difficult it is for me and Barstool to operate in a regulated world where gambling regulators, the New York Times and Business Insider agree with the share price. Every time we did something, it was one step forward two steps back.
‘My driver’s licenses have been refused. You name it. So the regulated industry is probably not the best place for Barstool Sports and the kind of content we create.”
“PENN has been able to close an incredible deal with ESPN. We wish them nothing but the best in their endeavors. It really is a win-win situation.’