Penn Entertainment said it will record a loss of up to $850M on the sale of Barstool Sports to Dave Portnoy.
That meant abandoning the Barstool brand, which it acquired in full just earlier this year .
“Pursuant to the Barstool SPA, 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 wrote in its quarterly report Wednesday. Portnoy also agreed to give Penn 50 percent of the proceeds from any future sale of Barstool Sports, while Penn agreed to “indemnify Barstool and its subsidiaries and David Portnoy for certain tax matters.”
Portnoy founded Barstool Sports in 2003, eventually building it into a powerhouse sports-adjacent brand that is popular with young men. When it initially cut a deal with Penn, the gambling company hoped to use the Barstool brand name to give it a leg up in the nascent sports betting business. Now, with ESPN, Penn is betting that the sports media giant can propel it further in the space, while jettisoning Barstool back to its founder.
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