David Portnoy, popularly known as “El Presidente,” has transformed from a local sports blogger to a media mogul with a net worth of $150 million. Best known for founding Barstool Sports, Portnoy’s journey is marked by bold business moves, viral content, and a fearless personality that resonates with millions of fans. Here’s an in-depth look at how Dave Portnoy built his fortune, the ups and downs of his career, and his personal life.
Early Life and Education
Born on March 22, 1977, in Swampscott, Massachusetts, David Scott Portnoy was raised in a Jewish family. His parents, Michael and Linda Portnoy, encouraged his education and interests. Dave graduated from Swampscott High School before attending the University of Michigan, where he earned a degree in education in 1999. Shortly after, he moved to Boston and began working at the IT market research firm Yankee Group. However, his entrepreneurial spirit and passion for sports pushed him to explore new ventures, eventually leading to the birth of Barstool Sports.
The Birth of Barstool Sports
In 2003, Portnoy launched Barstool Sports as a free print publication in the Boston area, focusing on sports betting, fantasy sports predictions, and entertainment. The paper quickly gained popularity for its unfiltered voice and blend of sports and pop culture. By 2007, Barstool had expanded to an online platform, which would soon become one of the most influential sports media brands in the U.S.
Under Portnoy’s leadership, Barstool’s content evolved to include podcasts, videos, merchandise, and live events. Known for his unfiltered opinions and controversial takes, Portnoy’s “El Presidente” persona became a central part of the brand’s appeal. His catchphrases and bold personality helped Barstool amass a massive and loyal fan base.
The Chernin Group’s Investment
In 2016, The Chernin Group acquired a majority stake (60%) in Barstool Sports for an estimated $10 to $15 million. This investment allowed Barstool to expand its content and reach a broader audience. Despite selling a significant portion, Portnoy retained complete control over the company’s content, ensuring the brand’s authentic and raw style remained intact. By 2018, Chernin had invested an additional $20–25 million to further solidify its stake.
Penn National Gaming Acquisition
The most transformative deal came in January 2020 when Penn National Gaming acquired a 36% stake in Barstool for $163 million, valuing the company at $450 million. This deal included $135 million in cash and $28 million in stock. It also provided Penn with the option to acquire a majority stake in the future. By 2022, Penn National exercised this option, acquiring full ownership of Barstool for a total of $550 million.
However, the partnership faced challenges. The constraints of being associated with a publicly traded company limited the edgy, unfiltered content that Barstool was known for. Meanwhile, Penn’s stock saw extreme volatility, influenced by both the pandemic and its Barstool acquisition.
The Shocking $1 Buyback
In a surprising turn of events, on August 8, 2023, Portnoy re-acquired 100% of Barstool Sports from Penn National for just $1. This nominal price tag came with strings attached, including a non-compete clause and a stipulation that if Portnoy ever sold Barstool again, Penn would receive 50% of the proceeds. The move allowed Barstool to return to its roots, free from the restrictions of corporate ownership.
Penn’s decision was influenced by their simultaneous announcement of a long-term partnership with ESPN. Penn reported an $850 million loss related to the Barstool venture, including acquisition and operational costs, suggesting that parting ways was a strategic move to focus solely on regulated sports betting.
Dave Portnoy’s Net Worth and Stock Holdings
As of 2025, Dave Portnoy’s net worth is estimated to be $150 million. This wealth primarily stems from his stake in Barstool Sports and the various transactions with The Chernin Group and Penn National Gaming.
In the initial Penn deal, Portnoy’s holdings included both cash and convertible stock options. According to Penn’s Q1 2020 SEC filing, Portnoy received roughly $23 million in convertible preferred stock. At its peak, Penn’s stock was trading at $130 per share, significantly boosting Portnoy’s paper wealth. Although the stock has since fluctuated, his holdings and Barstool’s resurgence continue to anchor his financial standing.
Personal Life and Real Estate Investments
Dave Portnoy was previously married to Renee Satherthwaite, a well-known social media personality, from 2009 until their divorce in 2017. Since 2021, he has been dating Silvana Mojica, a model and influencer. Portnoy’s personal life, much like his business endeavors, often garners significant public attention.
Real estate is another area where Portnoy has made substantial investments. His property portfolio includes a $2.2 million home in Nantucket, a $14 million waterfront mansion in Miami, a $9.75 million house in the Hamptons, and a $1.4 million estate in Saratoga Springs. In September 2023, he made headlines by purchasing a $42 million waterfront mansion in Nantucket, setting a local real estate record.
The Barstool Fund: Philanthropy During the Pandemic
In 2020, amidst the COVID-19 pandemic, Portnoy launched The Barstool Fund to support small businesses struggling to survive. Kicking off the fund with a $500,000 personal donation, the initiative eventually raised $39 million, providing relief to nearly 350 businesses nationwide. This philanthropic effort significantly enhanced Portnoy’s public image, showcasing a more compassionate side to the brash media mogul.
The Future of Barstool Sports
With full control of Barstool Sports restored, Portnoy has the freedom to steer the brand without corporate limitations. His focus appears to be on expanding Barstool’s media presence and exploring new revenue streams, including sports betting, podcasts, and merchandise.
The non-compete clause with Penn means Portnoy cannot directly enter the sports betting market, but he retains the ability to grow Barstool’s influence in the media and entertainment sectors. His return to ownership is seen as a strategic move to rejuvenate Barstool’s content and reconnect with its original fanbase.
