Players simply just sign-up and get credit with a small amount of money to bet with. com which reports on the money that executives for various companies make says that Barstool Sports' highest-paid employee makes $600,000 a year. 15. Barstool was founded in 2003 by Dave Portnoy as a free sports and gambling newspaper. The publicly traded casino company Penn Entertainment is poised to take over Barstool, following a 2020 deal in which it bought a 36 percent stake. Like what the fuck is that? And sure, you could say. The American sports blog website, Barstool Sports has regained its bootstrap owner, Dave Portnoy who got his company back after a prolonged period of 20 years. Kevin eventually became fully prepared to transition to a career in the media. At the time, the deal was worth $163 million. e. In front of a crowd of cheering fans in University. Sources say The Chernin Group, which currently. Penn reported its 24 Barstool retail sportsbooks in 10 US states took $179. It is now a digital platform that covers sports, lifestyle, and entertainment with more than 200 million followers. 6 billion and earnings before interest, taxes, depreciation, and amortization up by 1. A percentage is used to compare two values and it gives very. As part of the agreement, Penn will pay another $62 million in three years to arrive at a 50% stake and a shot at majority ownership. For example, the website comparably. But it’s usually a percentage of your deposit. Karim 8/10/2023 12:00 AM. The initial deal included a path for Penn to gain full ownership of Barstool Sports. 13. by Jarvis Dobrik. ” The transfer back of Barstool Sports. Published Jan. Per Penn's announcement, ESPN will receive $1. KFC. Chernin Digital Group pumped an additional $15 million into expanding Barstool in 2018; two years later the company—now more of a lifestyle brand for men whose personalities and politics resolve as a conspicuous habit of saying aloud the word "tits"—was valued at $450 million when Penn paid $136 million in cash and stock for a 36-percent. Every. Detroit Lions Fans Are Starving For A Playoff Run. 5% represented by the shares sold for cash. Penn National will increase its ownership in Barstool Sports to approximately 50% after three years (or earlier, at Penn National’s election) with an incremental investment of approximately $62 million, consistent with the implied valuation at the time of the initial purchase, and has a path to establish control and full ownership of. Adjusted EBITDAR fell 3. From humble beginnings he managed to turn Barstool into an internet juggernaut with hundreds of millions of dollars in revenue and thousands of employees. Shares of PENN closed on Wednesday at $36. Penn National acquired a 36% share of Barstool Sports for $163 million in January 2020 in a deal calling for additional investment of $62 million within three years. “PENN Entertainment, Inc. Specifics of the deal. but I am listening to the first episode right now and I have to be honest I am pretty confused 🤷🏻♂️ he starts with a rant about how now that he has his own show he can “finally talk about what he wants to talk about” and “no one else can tell him. Lynne Sladky—AP Images Barstool Sports has been sold to Penn Entertainment Inc. Gym. David Portnoy is known as a sports media figure and online entrepreneur in the US, having founded Barstool Sports. In connection with and immediately following the Pre-Closing Contribution, and immediately prior to the consummation of the transactions contemplated by this Agreement, the Company. Just as you retain complete ownership of Your Content (subject to the license to us granted above), all other users of the Platform retain ownership of. The U. , TCG XII, LLC, TCG Digital Sports, LLC and. It is often denoted by the sign % or percent or pct. Open. 3: Compliance with Other Instruments: 30 :. Barstool's following is fiercely loyal, and it. You're in the top 20 percent if you can find the odd sofa in under 30 seconds. In the deal, Barstool was valued at $450 million. It was around 2008 that Barstool went digital, in attempt to keep up with the increasingly competitive sports media business. Portnoy has embraced controversy and stood up for Barstool’s irreverent and often offensive commentary, a posture that has made him. They chose to purchase Barstool in full,. 2020 for $163 million, getting a 36 percent stake of the media company. He left his role as the editor-in-chief in 2020. In three years - or sooner, depending on certain circumstances - Penn National Gaming will increase its ownership to 50 percent and eventually establish full ownership of Barstool, thanks to an. Barstool’s $1,000 Risk-Free Bet. The online content. Penn Entertainment Penn Entertainment completed its previously announced acquisition of Barstool Sports, paying $388 million for the 64% stake it did not already own. 5 million. Penn Acquires Barstool Its stake decreased to 36% when Penn Entertainment, then called Penn National Gaming, joined ownership in January 2020, with Barstool employees owning the remaining 28% of the company. "They know about Babygate. To calculate the percentage ownership of a shareholder, look first at the shares outstanding. However, specific ownership percentages and details may have changed since then, as the company experienced significant growth and corporate transactions. TL;DR - On January 28, 2020, the Company (Barstool) desires to issue to Daniel Katz 141,669 shares at a price of $. Additionally, Penn National Gaming acquired the right to increase its ownership to 50% by spending an additional $62 million within three years. As part of the $450 million deal, Penn received a 50 percent ownership stake in Barstool. To take control of the rest of the company, Penn Entertainment will first pay $62 million to increase its stake to 50%. Barstool sports founder Dave Portnoy paid one single greenback to buy back money-losing Barstool Sports from Penn Entertainment, according to Penn’s quarterly filing with the Securities & Exchange Commission Wednesday evening. 91. Between 2016 and 2022 we calculate a compound annual adoption growth rate (CAGR) of 146% and a 23% CAGR between 2018 and 2022. Penn reported revenues of $1. The. You can make edits until those percentages equal 100%. The purchase of the remaining Barstool share will be completed by February 2023. Source: buddy works in ad management. With the company’s valuation in the hundreds of millions of dollars, even a small percentage of the company isn’t an insignificant amount of money. e. Dave originally sold Barstool to Penn because he believed the sports betting company could take the sports blog "to the moon. Barstool Sports’s Profile, Revenue and Employees. ”. An option to buy controlling ownership will be determined at that time. The ownership percentage for your one million shares based on issued and outstanding: And, based on fully diluted: So which numbers should you use? Do you own 18% or 15%? Here’s where it’s helpful to understand the context and the motivations. Company profile page for Barstool Sports Inc including stock price, company news, press releases, executives, board members, and. And, yes, it is believed that the big-name operators are responsible for the bulk of their respective licensee’s reported revenue. Podtrac says that made it the ninth-biggest podcast publisher among those it measures. 3% to $478 million, though, and earnings per share missed the mark to draw a negative reaction from. In 2016, Portnoy sold a majority stake of Barstool Sports to The Chernin Group, allowing the company to expand its reach and influence. Jordan Bondurant. sports 472. Barstool was founded in 2003 by Dave Portnoy as a free sports and gambling newspaper. For the first six months of 2023, before Barstool was sold back to Mr. But his company still has a distance to go. but I found another sale for the mattress that gave an additional percentage off so that was a no brainer. By the common man, for the common man. Penn, which acquired 36 percent of Barstool in 2020 and purchased the remainder of the company this past February, was reportedly concerned about how Mintz’s comments could jeopardize regulatory. She was employee No. The full acquisition of the company comes. I was going nowhere at my firm. Penn Entertainment, which bought 36 percent of the company in 2020 and increased its stake to 100 percent in February 2023, sold the company back to its founder Tuesday, “in exchange for certain non-competes and other restrictive covenants. View this post on. Being an LLC member gives you the right to ask for access to books and records and sue the other member for damages caused to the LLC. Barstool Sports Gambling By Andrew Bucholtz on 02/17/2023. It is owned by David Portnoy, who founded the company in 2003 in Milton, Massachusetts . June 29, 2023. Open this week, and for good reason. June 29, 2023. PENN and Barstool Sports initially announced an exclusive sports betting and iCasino partnership in January 2020, with PENN acquiring 36% of Barstool Sports on February 20, 2020 for a total consideration of approximately $163 million, comprised of approximately $135 million in cash and $28 million in non-voting convertible preferred stock. Some details have emerged regarding Dave Portnoy regaining full ownership of Barstool Sports, including one crazy nugget. As the numerator, determine the number of shares and share equivalents. Mandatory Credit: Jasen Vinlove-USA TODAY Sports Barstool Sports By. It completed a full acquisition of the company at the. High Noon partnered with Barstool Sports on May 4, 2020, to gain brand exposure. Penn paid $551 million to buy Barstool, via a two-part deal that began in early 2020 and concluded this past February. It generated. Then it must fork out an additional $325m for the other half. S. WYOMISSING, Penn. Lynne Sladky—AP Images Barstool Sports has been sold to Penn Entertainment Inc. Captainusa1776. The executive reportedly sold about 51% of Barstool in 2016 to the Chernin Group for roughly $5 to $8 million, based on reports at the time. Penn and Portnoy. S. Barstool, Penn National execs talk $163 million sports-betting deal. He also works on popular podcasts and other media associated with Barstool Sports, which surely earn him a lot of money as well. 30% Off. --(BUSINESS WIRE)--Jan. To get the most current information on Big Cat’s ownership in Barstool, it’s recommended to refer to recent news articles or official statements from the company. He has covered a variety of different topics, and in 2012 began podcasting and working on KFC Radio. Therefore, sports producer Hank Lockwood has an estimated net worth of $700,000. Q. ”. Barstool Sports is a digital media company that publishes news and insights on sports and accessories segments. Dave Portnoy, the enigmatic founder and owner of Barstool Sports, sold the majority of his company to casino operator Penn Entertainment for $387 Million. It's what percentage of the drink's sale price you're eating to create the drink. Dave Portnoy has regained ownership of Barstool Sports, three-and-a-half years after selling the media and entertainment group to casino operator Penn Gaming. . Barstool MA Intro Promo: First bet insurance up to $1,000. • We depend on certain properties that generate a significant percentage of our revenues. The deal calls for Penn to increase its stake to around 50 percent in three years, with options to buy the entire company. One of the waysBarstool's core marketing success is founded in their ability to make themselves the story, the brand, the product, the content, the platform, and the advertising. Portnoy launched the sports and pop culture. Penn first purchased 36 percent of Barstool common stock in February 2020 for $161. The deal is done and PENN Entertainment now has full ownership of Barstool Sports. One of the three features is a look at Barstool Sports. In mathematics, a percentage is a number or ratio that represents a fractional part of a percent, i. Chernin Group will retain 36 percent ownership. He said Barstool’s presence in the. Penn Entertainment has officially completed its acquisition of Barstool Sports and now owns 100% of the brand. Keith Markovich - Kmarko. El Presidente 11/23/2023 7:29 PM. Penn National will increase its ownership in Barstool Sports to approximately 50% after three years (or earlier, at Penn National’s election) with an incremental investment of approximately $62 million, consistent with the implied valuation at the time of the initial purchase, and has a path to establish control and full ownership of. SpaceX Starship Explodes Though Craft Reached New Milestones. ET Today. It is now a digital. For the first six months of 2023, before Barstool was sold back to Mr. Penn CEO Jay Snowden offered a peek into how Barstool will operate under full ownership by Penn during a December 20 hearing with the Massachusetts Gaming Commission. post new topic. Clancy joined Barstool Sports in August 2009 and later on started blogging for the platform covering various topics ranging from pop culture to observations in New City. 1 day ago · The Entire Barstool Store Is Now 20% Off Through Cyber Monday. m. It's not fair. Barstool Sports General Information. Portnoy, Penn National reported that Barstool had lost $16. For the first time in a decade, I own 100 percent of Barstool Sports. Wednesday is now the best day for Podcasts at Barstool: new PMT, new KMS, and now The Kevin Clancy show. It may be difficult to calculate this number, as it requires calculating share equivalents and unvested shares. 2 million in 2020. For the first time in a decade, I own 100 percent of Barstool Sports,” Portnoy said. The Annual NFL Head Coach's Picture Has Dropped, Lets Break It Down. After owning the team exclusively for 35 years, the Millers sold 80% of the Jazz to a group headed by Ryan Smith, co-founder of. 5mm or $17mm (plus the $7. Barstool Sports By Ben Koo on 06/25/2019. Over the course of two trades, he sold pieces of Barstool a controlling share to The Chernin Group and another to Penn Gaming, who paid $163 million to the founders for a 36 percent ownership in the company in January 2020. ” Even though shares dipped 58% over the past year, it was the Barstool Sportsbook that provided impressive Q4 results. Portnoy is among a small group of Barstool execs that maintains 28. Elon Musk': Charging for Blue Checks, Tooling on Stephen King, Uncovering Lies from Previous Ownership and Landing a Rocket. Its 200+ personalities are prolific creators of blogs, podcasts, tweets,. The changing ownership of Barstool Sports comes because of another move made by PENN. , a Delaware corporation (the “Company”), TCG XII, LLC, a Delaware limited liability company (“TCG XII”), TCG Digital Sports, LLC a Delaware limited liability company (“TCG. Barstool Sports has been sold to Penn Entertainment Inc. The three main percentages that affect owners of a property held as a TIC are: (1) the title percentage, also known as the “ownership” percentage, (2) the percentage used to divide common area expenses, and (3) the percentage used to divide property taxes. Penn Entertainment ( PENN) has sold its ownership in Barstool Sports, meaning Dave Portnoy owns 100 percent of the company again. Also, How much did Dave Portnoy make selling Barstool? Penn National Gaming bought ‘Barstool Sports’ from Dave Portnoy. Penn, a casino operator, purchased Barstool in Jan. Penn National Gaming acquired a 36% stake in Barstool Sports for around 163 million dollars. Big Cat 3/27/2023 6:10 PM. It is now a digital. Working at Barstool Sports is rated below average by 25 employees, across various culture dimensions. Before that hearing, Snowden defended Barstool, its employees, its responsible gaming practices and blasted a New York Times story critical of the. Every dollar we make. Call Her Daddy (doesn't go to spotify), PMT, BFFs, Dave Portnoy Show, Spittin Chicklets plus all the other profitable podcasts. Zillow has 26 photos of this $385,000 4 beds, 2 baths, 2,480 Square Feet single family home located at 490 Olive St, Warminster, PA 18974 built in 1973. Barstool Sports is undergoing dramatic change this summer. Barstool Sports founder David Portnoy told CNBC on Wednesday he has his eyes set on owning a sports team after the sports and. Barstool Sports, the high-profile, controversial, and fast-growing sports media company, may soon have a new owner: A low-profile casino operator. PFT- The NFL curiously has slammed the door on teams giving equity to players or employees, before anyone ever actually tried to do it. This process is known as dilution. Recently, Dave made an emergency announcement to confirm the news. After that, it will pay an additional $325 million for the remaining Barstool shares. Barstool Sports is a digital media company that publishes news and insights on sports and accessories segments. See moreBY The Associated Press February 18, 2023, 9:01 AM PST Barstool Sports founder David Portnoy. Few products have reached the success of Pink Whitney, though. S. Portnoy’s reach is greater than ever. and Dave Portnoy. Wyomissing, PA 19610. They are purchasing the remaining 64% for $388 million. t. Some details have emerged regarding Dave Portnoy regaining full ownership of Barstool Sports, including one crazy nugget. Promo: New players at Barstool will receive a $1,000 risk-free bet as the welcome bonus. Typically, startups go through multiple rounds of funding, and with each successive round, the founder's ownership percentage shrinks. As soon as he joined Barstool, he became a force to be reckoned with among “Stoolies”. Barstool Sports, the controversial sports and pop-culture blog, agreed to sell a 36% stake to casino operator Penn National Gaming for about $163 million, the latest sign of convergence in sports, media and gambling. This basically means Big Cat gets ownership. Penn National to Host Conference Call and Webcast at 8:00 a. PENN Entertainment and Barstool’s relationship first formed back in February 2020, when PENN Entertainment bought a 36% stake in Barstool for $163 million, with an agreement for PENN to purchase the remaining stake at a later time and gain full ownership and control. for about $163 million, the latest sign of convergence in. Related Articles Penn National Gaming agrees to buy 36 percent interest in Barstool. He took a small-town print publication and turned it into a media giant worth $450 million, and his net worth exploded because of it. Kevin Clancy popularly known as “KFC Barstool” is an American Blogger and Podcast Host who was born and brought-up in the United States. That deal lifted Portnoy from burgeoning national sports media presence into. "PENN sold 100 percent of the Barstool Sports, Inc. Penn National will increase its ownership in Barstool Sports to approximately 50% after three years (or earlier, at Penn National’s election) with an incremental investment of approximately $62. KingMarklar • 6 yr. The typical U. The gaming company first acquired a share of Barstool in 2020. On August 8, 2023, the same day Penn announced a long-term exclusive betting partnership with ESPN, Dave revealed that he had re-acquired 100% ownership. The Barstool-ification of the GOP could reconfigure its cultural politics for a generation. . with an option for eventual full ownership. In 2023, the corporation will pay another $62 million to raise its total stake to 50 percent. Barstool's biggest strength is its strong bond with the. A cruel case of cancel culture at Barstool Sports. The initial deal included a path for Penn to gain full ownership of Barstool Sports. Today, Mr. Since its inception, there have been some changes in ownership over time. Here’s what you need to know: 1. Gaz has always been untouchable. The initial agreement included a path for PENN to establish full control and ownership of Barstool Sports. With that being said, Barstool Sportsbook could have grabbed an 8. He sold a 36 percent stake in the digital media turned sports betting company to Penn National Gaming in January of 2020 for $163 million. TL;DR - On January 28, 2020, the Company (Barstool) desires to issue to Daniel Katz 141,669 shares at a price of $. With a net worth of $120 million as of 2023, Dave Portnoy famously known as El President is a widely known sports media American Celebrity. THIS STOCK PURCHASE AGREEMENT (this “Agreement”), is made as of January 28, 2020 by and among Penn National Gaming, Inc. m. That was not news to Dave Portnoy when the opportunity to buy Barstool back from Penn presented itself. TRANSACTION OVERVIEW • Penn equity consideration to be distributed to key BSS employees without any additional consideration and iCasino products, as well as the right to operate Barstool branded sports bars or restaurants • Penn to step up ownership to ~50% after year 3 path to control or full ownership 11 Strategic Investment: •Penn to invest. Portnoy, Penn National reported that Barstool had lost $16. Barstool Pizza Review - Uncle Jerry's Pizza Company (Cary, IL) 12. which was down 10. Penn National Gaming, a casino operator, bought a 36 percent share in. A self-described "journalism school dropout" and "spelling bee champion," Kmarko was one of the earliest hires at Barstool Sports. Some details have emerged regarding Dave Portnoy regaining full ownership of Barstool Sports, including one crazy nugget. For the first time in a decade, I own 100 percent of Barstool Sports,” Portnoy said. Barstool Sports has a revenue model that makes money in four (4) ways; revenue from their Barstool Sportsbook & Casino app, ad revenue, subscription revenue, and selling merchandise. Best in Sports. Understanding your ownership percentage—and how to change it—can help you leverage significant influence over the future of your company. During the three years in which PENN was anxiously building towards full ownership of the sportsbook, Barstool has grown its audience by 194%, expanded its customer base to over 200 million. In its quarterly report filed with the SEC, Penn announced a decision to purchase $62 million of Barstool Sports common stock, raising its ownership to 50%. News of Penn’s full takeover of Barstool follows the announcement of strong second-quarter results earlier this month (August 4) that showed revenue up by 5. El Presidente 11/23/2023 7:29 PM. Barstool Sports, the controversial sports and pop-culture blog, agreed to sell a 36% stake to casino operator Penn National Gaming Inc. "PENN has acquired the remaining interest in Barstool Sports for approximately $388 million. PENN said it sold Barstool back to Portnoy “in exchange. (“PENN” or the “Company”) has call rights with respect to all of the outstanding shares of common stock of Barstool Sports, Inc. At some point Penn subsequently acquired an additional 14% of Barstool to give it 50% ownership. Barstool brought in nearly $81 million in revenue in the first six months of this year. In a few hours (10 p. Penn Enteratinment first acquired a 36 percent stake in Barstool Sports in February 2020 with a push into the world of online gambling. Barstool founder David Portnoy assured readers he'll retain 100 percent control over editorial content. Under review. 29 -- $135 million in cash and $28 million in nonvoting. In December 2019, a Portnoy sex tape was exposed. The changing ownership of Barstool Sports comes because of another move made by PENN. 0001. He has an estimated net worth of $5 million by 2023. You can also click on individual properties in the “Property” tab for each rental owner to view and edit ownership percentages. 20% off the entire Barstool Store through Cyber Monday. The company’s initial investment in Barstool was to help cut down on marketing costs on a branded Barstool. 8 million unique U. The changing ownership of Barstool Sports comes because of another move made by PENN. 12. After the deal is concluded, Barstool will become a subsidiary of Penn. Two of the first golfers announced as Barstool Athletes on July 1 were Oklahoma’s Logan McAllister and Auburn’s Mychael O’Berry. 2% year on year to $1. In Michigan sports betting, for example, the Barstool Sportsbook at Greektown Casino. Around that, Penn also transferred Barstool Sports back to founder Dave Portnoy in exchange for $1, non-compete agreements, and a 50 percent stake in further sales or monetization ventures from. PENN operates 43 properties in 20 states,. By the common man, for the common man. 6 million downloads. Ownership of the Purchased Shares: 29 : 3. BSM Staff. Barstool Sports is set to undergo significant changes following Dave Portnoy regaining sole ownership. By. Age, Net Worth, Height, Girlfriend, Family, Biography, Wiki. Barstool issued him ~142k shares right before Penn paid $49. Popular digital media company, Barstool Sports, is set to undergo a substantial reduction in its workforce, with reports indicating that approximately 25 percent of its employees will face layoffs. “Once I was sure that it was going to be a stable career move I pulled the trigger. Back in 2020, PENN (as Penn National Gaming) purchased 36% of the media company for $163 million. Barstool Sports By Ben Koo on 06/25/2019. . Understanding White Sox Dave's Sense Of Humor (Free Swim) 14. ~$7 million of the ~$450 million valuation were for shares newly issued to Dan as part of this transaction. “Barstool is a proven, powerful media brand with an authentic. Barstool Sports is an American blog website and digital media company headquartered in New York City that publishes sports journalism and pop culture -related content. . Penn National Gaming Inc. By. " The original acquisition was 36%, and they bought the remaining 64% for $388 million. Tank's Taste Test What the Fanta 2023. 6 billion to buy the 85% it doesn’t already own of sports drink maker BodyArmor, it marked a serious windfall for some famous investors. Dave Portnoy has once again become the owner of Barstool Sports, the sports blog he founded in 2003. 825 Berkshire Boulevard, Suite 200. In early 2020, Penn Entertainment announced that it was going to acquire a 36 percent stake in Barstool Sports. Barstool Sports raises millions to help small businesses amid pandemic. . In that sense, Barstool’s sale to a gambling company is perfect. 01 for the next set, etc. Active. 72, in Thursday trading. About PENN Entertainment. Barstool Sports is set to undergo significant changes following Dave Portnoy regaining sole ownership. (“Barstool”) not. One day after Barstool’s parent company,. Barstool Sports, Inc. Have zero issues with any other book. Chernin Group will retain 36 percent ownership. Penn also explained in the filing that it agreed to increase its ownership in Barstool to 50 percent "(within) three years after the closing the transaction or earlier at [its] election", and had the call rights to purchase the rest of the shares in Barstool. Portnoy previously sold a majority ownership stake in the company to the Chernin. 29 an agreement to acquire a 36% ownership interest in Barstool Sports Inc. somebody called “Portnoy,” polling at zero percent. Check out the following story to know more about it. Attorney Brian N. Popular digital media company, Barstool Sports, is set to undergo a substantial reduction in its workforce, with reports indicating that approximately 25 percent of its employees will face layoffs. Barstool will help reach a younger, gambling-savvy demographic. The casino company announced it’s taking a 36% stake in the digital sports media company for about $163 million in. According to WealthyPersons, Portnoy’s current net worth is $100 million. listeners to its podcasts during July with 30. On Tuesday, Portnoy announced that he regained full ownership of Barstool Sports, the company he founded in 2003. Who is Javier Milei, Argentina’s president-elect? BUENOS AIRES, Argentina (AP) — His legions of fans call him “the madman” and. For the first time in a decade, I own 100 percent of Barstool Sports,” Portnoy said. Select “Yes, adjust percentages” to view the list of owners assigned to that property and their corresponding ownership percentages. Examples of percentages are, 10% is 10/100, that is, 1/10 of the number. Barstool is back in the news this week, again casting a bit of a shadow over a Penn Entertainment earnings call. florida state of the state 2023 0 items / 0,00. Barstool Sports’s primary competitors include Deadspin, Bleacher Report, The Ringer and 7 more. Lime is currently the #3 top flavor in the Hard Seltzer. This basically means Big Cat gets ownership. February 17, 2023. 4, PENN had announced its decision to purchase $62 million worth of Barstool Sports common stock to raise its. 2 million. The company initially purchased 36% of the website in 2020 for $163 million in a deal that combined sports gambling. on. After a bit of googling, he discovered that this isn’t the first time Barstool has been accused of theft. It is now a digital. Unfortunately, the schedules aren't attached as those really detail the transaction, while this SEC document is written by lawyers in such a way so the lawyers aren't sued. You are an owner of the LLC. Barstool Sports is currently in the process of laying off something like a quarter of its workforce, less than three weeks after the company was sold by casino operator Penn Entertainment to Dave Portnoy for the low, low price of one dollar. Penn is selling 100% of. Barstool was founded in 2003 by Dave Portnoy.