Late Monday night, the New York Post was told that Erika Ayers Badan is resigning from her role as CEO of Barstool Sports. Badan (formerly Nardini) joined Barstool in 2016, just after its $15 million partial acquisition by The Chernin Group. She has previously been an executive at AOL and a director on the board of World Wrestling Entertainment (WWE). She connected with fans via the “Token CEO” podcast which discussed business content and helped Barstool secure deals with major companies like Coors Lite and Pizza Hut.
It is not currently known why Badan is resigning or what she plans to do next, but she seems to have parted ways with the company on amicable terms. She posted a video to X sending Barstool her regards, and sent out an email to staff as well:
It’s been a wild, challenging and exhilarating run. I came here almost a decade ago to establish and hopefully grow a Boston based blog into a reputable media and content business. I was the last in a long line of candidates. They either didn’t want the job or didn’t see what it could become. In fairness, I’m not sure I did either.
Since then, the company has grown 5000% in revenue and probably twice that in audience and influence. Out of mayhem (and maybe because of it) we created a miracle and even a machine. We did it our own way, on our own terms, and in our own style. We did it when no one wanted us to or when no one thought we could. We put over $40M in the hands of small businesses on a platform we built in a matter of days. We pioneered something ahead of its time and we delivered enormous value to our investors and partners.
I did everything I came here to do and so much more. We took a lot of turns around the sun but the pirate ship is back where it belongs and is smarter and sharper for all the places it has been. I too am back where I belong and will go find new things to build and grow.
Viva pic.twitter.com/9bqaXdCcsh
— Erika (@erika_) January 16, 2024
She signed the email: “Let’s stay in touch. Thank you again & Viva la Stool.”
Barstool founder Dave Portnoy weighed in on her resignation: “Only correction is everybody wanted the job. We just didn’t like anybody except her,” he wrote.
Only correction is everybody wanted the job. We just didn't like anybody except her. There is no doubt @erika_ was the perfect and probably only fit for us. It's been quite a run and we couldn't have done it without her. She was everything I dreamed she'd be and more in a CEO https://t.co/pneTTvtDGF pic.twitter.com/S9L14TTshi
— Dave Portnoy (@stoolpresidente) January 16, 2024
Under Badan’s guidance, the sports media company navigated the rough waters of its sale to Penn National Gaming in 2020 for $551 million. Penn had purchased a 36% stake in the company for $163 million and agreed to a deal that valued the company at $450 million. It also obtained the right to the company logo which it put on various products.
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At the time (2019), Barstool’s website site had an estimated 66 million monthly unique visitors and had a revenue of nearly $100 million. Penn’s hope for the purchase was that its own gambling business would profit by being affiliated with the Barstool brand. Instead, it lost hundreds of millions of dollars—partly because of Barstool’s incendiary content.
Erika Ayers leaving her Barstool Sports CEO job https://t.co/qmycJUznIr pic.twitter.com/HXGkuv8SnN
— New York Post (@nypost) January 16, 2024
Barstool Sportsbook failed to gain a license for gambling activity in New York state, the largest that permits gambling. Penn decided to attempt the same strategy with the ESPN brand.
Then, in August it was announced that Portnoy was in the process of buying Barstool back from PENN Entertainment—all for $1. Later that month, Barstool decided to lay off about 100 employees (25 percent of its staff) as it restructured under Portnoy’s renewed leadership.
“I don’t know what the future is. We’re willing to adapt, try anything. But I think this deal for Barstool, why I’m excited about it, it ensures we’ll be around for another 20 years, 30 years,” Portnoy said in August. “For the first time in forever, we don’t have to watch what we say, how we talk, what we do. It’s back to the pirate ship. By the way, I’m never going to sell Barstool Sports. Ever.”
Shane Devine is a writer covering politics, economics, and culture for Valuetainment. Follow Shane on X (Twitter).
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