Just two weeks before he agreed to buy Barstool back from gambling giant Penn National for just $1 – Portnoy slashed the price of the chic mansion on Old Montauk Highway to $10.5 million.
That’s the skeptical view from some on Wall Street, who note that at the end of July, Portnoy – just two weeks before he agreed to buy Barstool back from gambling giant Penn National for just $1 – slashed the price of the chic mansion on Old Montauk Highway to $10.5 million.
Since news of the $1 deal broke last week, some outlets have cast it as a victory for Portnoy. In February, Penn National had paid $388 million for the 64% of Barstool it didn’t already own. Penn had shelled out $163 million for an initial 36% stake three years earlier. If making Barstool profitable looks like an uphill climb, the payoff for Portnoy also looks iffy. As part of the deal, Portnoy will get Barstool’s media assets that include a website and a stable of podcasts. In return, however, he signed a “certain non-compete and other restrictive covenants,” filings show.
“Portnoy sold half his name for the rest of his life,” one industry source told On The Money. “They could argue any other business he sells, they deserve to get half of it in perpetuity.”
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