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Started By
Message
Did Portnoy pay anything to get Barstool back?
Posted on 8/9/23 at 8:13 am
Posted on 8/9/23 at 8:13 am
quote:
Penn sold 100% of the Barstool's common stock back to Portnoy "in exchange for certain non-compete and other restrictive covenants."
No cash? Or they just aren’t listing it?
5
Posted on 8/9/23 at 8:14 am to mule74
Deal of the century. Got it back for $0
Posted on 8/9/23 at 8:20 am to mule74
Yes.
Noncompete with Penn. Cannot market for anyone that competes against them.
50% of any dividends in future
50% of proceeds from any future sale.
Noncompete with Penn. Cannot market for anyone that competes against them.
50% of any dividends in future
50% of proceeds from any future sale.
Posted on 8/9/23 at 7:01 pm to mule74
quote:
“Dave Portnoy is the only natural owner for Barstool sports long term,” Snowden said. “They’re not a company and a brand, I think we all came to this conclusion, that should be owned by a publicly traded, highly regulated licensed gaming company.” Snowden explained that the company realized its product was quickly becoming outdated by having to rely on a third-party platform. He added that he’s looking forward to a future in sports betting with ESPN. “To Barstool’s defense — amazing partners — we didn’t spend, in the last year and a half, marketing dollars promoting Barstool Sportsbook, other than just the organic within Barstool ecosystem, because we didn’t have a product that we felt was strong enough to retain,” Snowden said. “We now have that, so this is great for Dave and Stoolie nation.”
Penn CEO Snowden was interviewed on Mad Money this evening and said this. I’m not really sure what it means.
Posted on 8/9/23 at 7:25 pm to mule74
Why didn’t they try and sell it to a 3rd party though? Or make Portnoy buy it back? It has to be worth a couple million right? That’s where I’m confused?
Is there some deal where Portnoy is going to make it worth that to them?
Is there some deal where Portnoy is going to make it worth that to them?
Posted on 8/9/23 at 10:18 pm to mule74
They sold it back for one dollar
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