Fact Check: Did Dave Portnoy buy Barstool Sports for $1? Finding out the truth

Boston Celtics superfan and Barstool Sports founder Dave Portnoy has reportedly reacquired his media company from Penn Entertainment. Portnoy initially sold 36% of the company for $163 million before Penn Entertainment bought the rest of it for $388 million in February.

According to Hollywood Reporter, Portnoy bought back Barstool Sports from Penn Entertainment for $1, but how true is this report? Can someone really sell their company for $551 million and then get it back for a dollar?

Yes, the 46-year-old businessman reacquired his company for just a dollar. A quarterly report filed by Penn Entertainment confirmed Portnoy's purchase.

"Pursuant to the Barstool SPA, PENN sold 100% of the outstanding shares of Barstool to David Portnoy in exchange for a nominal cash consideration ($1.00 dollar) and certain non-compete and other restrictive covenants," the statement read.

Dave Portnoy also confirmed it on his YouTube account. He had nothing but praise for Penn Entertainment, who recently made a huge deal with ESPN worth $1.5 billion, while also holding $500 million in stock warrants.

Penn Entertainment is also set to have losses of around $800 million to $850 million due to the Barstool Sports deal that started in 2020. The main reason why the investment failed was due to Portnoy's controversial statements at times.

"I think we underestimated how tough it is for myself and Barstool to operate in a regulated world where gambling operators, the New York Times, Business Insider hit pieces, f**king with the stock price," Portnoy said.

"Every time we did something it was one step forward, two steps back. We got denied licenses because of me, you name it. So the regulated industry probably not the best place for Barstool Sports and the type of content we make."

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Dave Portnoy has beef with Dallas Mavericks star Kyrie Irving

Dave Portnoy sitting courtside with Guy Fieri in the 2022 NBA Finals

Dave Portnoy is a die-hard Boston sports fan and loves the Celtics. Portnoy was one of many Celtics fans upset with Kyrie Irving when he left the team in 2019.

Portnoy reignited his beef with Irving when reports of him recruiting LeBron James to the Dallas Mavericks were leaked. The Barstool Sports founder exchanged words with the star guard on Twitter.

That led to Irving challenging Portnoy to a game of one-on-one at wherever venue he wanted.

Portnoy accepted and decided to have the matchup at Phillips Park. The two are set to squash their beef after the game, with Portnoy set to bring Irving to his parents' house to eat knishes, latkes and challah, as per Fox News.

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