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Dave Portnoy Paid Just $1 to Buy Barstool Sports Back

Penn Entertainment essentially gives Barstool back to founder
Company expects to record a loss of up to $850 million

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By Gerry Smith

August 9, 2023 at 10:24 PM UTC

Penn Entertainment Inc. had high hopes for Barstool Sports when it bought the online media company in two deals totaling hundreds of millions of dollars.

Now, the regional casino operator is selling the business back to its controversial founder Dave Portnoy for just $1. Penn said Wednesday it will record a loss of up to $850 million on the transaction.