Dave Portnoy, popularly known as "El Presidente," is the founder of Barstool Sports, a popular sports and pop culture media platform. As of early January 2025, his net worth is estimated to be around $150 million.
Early life and career
Portnoy was born on March 22, 1977, in Swampscott, Massachusetts. He graduated from the University of Michigan in 1999 with a degree in education. He began his career at Yankee Group, an IT market research firm. In 2003, he launched Barstool Sports, a Boston-based publication focused on sports coverage, gambling advertising, and fantasy sports predictions. The site launched in 2007, giving Barstool a greater presence in digital media.
In January 2016, The Chernin Group acquired a majority stake email data in Barstool Sports for $10 million to $15 million, eventually increasing its ownership to 60% in 2018. Portnoy retains control over content creation and day-to-day operations. In January 2020, Penn National Gaming (now Penn Entertainment) acquired a 36% stake in Barstool for $163 million, valuing the company at $450 million. Penn has an option to purchase a majority stake, which it exercised in early 2023, bringing the company's total investment to more than $550 million.
However, Penn Entertainment sold Barstool Sports back to Portnoy in 2023 for a small fee, a surprising decision that was prompted by regulatory challenges and a change in Penn’s business strategy. The acquisition gave Portnoy full ownership of the brand once again, giving him complete creative and operational control over the brand.
Investment Portfolio
Portnoy has diversified his wealth through various investments:
Real Estate : He owns properties in Miami, Nantucket, and the Hamptons. In 2021, he purchased a Miami home for $14 million, which has increased to around $17 million. His Nantucket property, purchased in 2015 for $2 million, is now worth around $7.6 million.
Stocks : Portnoy has been active in the stock market, most notably his investment in Penn Entertainment. During the pandemic, he has been trading stocks daily, reportedly making $2 million in profit.