Barstool Sports founder Dave Portnoy has just made a huge announcement pertaining to the company.
Taking to YouTube this Tuesday, Portnoy disclosed having purchased the platform back from PENN Entertainment. This move marks the first time in 10 years that the 46-year-old has taken up 100 percent ownership of said business.
“PENN Entertainment and Barstool Sports have gone their separate ways,” Portnoy revealed. “As of this moment, while you are watching this video, I have purchased back Barstool Sports from Penn. For the first time in a decade, I own 100 percent of Barstool Sports.”
The entrepreneur also went into a bit of detail on why things did not work out between the two entities.
He added:
“We underestimated just how tough it is for myself and Barstool to operate in a regulated world where gambling regulators, The New York Times, Business Insider hit pieces F ING with the stock prices every time we did something. It was one step forward, two steps back. The regulated industry is probably not the best place for Barstool Sports and the type of content we make.”
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Meanwhile, PENN Entertainment has also just partnered with ESPN for the launch of ESPN Bet.
Portnoy, on the other hand, has vowed to retain ownership of Barstool Sports until he dies, noting that the company no longer has to tread carefully with its content.
