Barstool Pizza Review – Dough Bros (Chicago, IL) pic.twitter.com/nnNB3JWGKa
— Dave Portnoy (@stoolpresidente) August 18, 2022
Barstool Sports will be completely owned by Penn Entertainment in 2023
Founder of Barstool Sports Dave Portnoy, notorious for his “pizza reviews,” discussed his future plans on “Varney & Co” after selling the remainder of Barstool media’s stock for $387 million on Thursday.
Went on @Varneyco to talk about how I’ve gotten richer pic.twitter.com/jasE5kwu1q
— Dave Portnoy (@stoolpresidente) August 19, 2022
“First thing I gotta do, is I got to make sure I get the hell out of New York, right? And get down to Florida and establish some residency so the government can’t steal all my money,” Portnoy told Stuart Varney on Fox Business.
“This weekend, I’m going to Saratoga with some buddies. I’m going to bet on the horses,” he continued, “so I’m just going to live the same lifestyle that I’ve always done, except maybe more extravagantly.”
Penn Entertainment took full control of Barstool Media according to a US Securities and Exchange Commission filing on Wednesday.
The purchase of the remaining Barstool shares will be completed by February 2023.
The company initially purchased 36% of the website in 2020 for $163 million in a deal that combined sports gambling and online media.
The deal stipulated that Penn could buy the remaining shares via a two-step process for $387 million.
On Friday, Portnoy explained how the majority of his market net worth comes from Penn investments, and hopes to “take this thing to the moon.”
“The more Penn goes up, that’s my investment,” Portnoy said.
“The other stuff is all fun and games, but Penn is still where most of my net worth is tied up.”
Capital Gains
Portnoy responded to claims that he is trying to avoid capital gains tax by borrowing against his holdings in Penn, saying he’s not using any “tricks.”
“I don’t know where all these tricks are coming from, but I don’t have them and I’m paying out the guts for it,” Portnoy said.
“So if you know any little inside tricks on how to get around taxes legally, I’m all ears, but I pay 50%. I feel like an idiot.”
Portnoy believes the government is so “wasteful” with taxpayer dollars.
“There’s certainly things that we need as a country that you’ve got to pay taxes for,” Portnoy noted.
“So it’s not so much how much they take, but I really feel like I’m just taking it and lighting it on fire when I give it all to them.”
“The stock market is a game”
Portnoy asserted that he’s done “all the research” on Penn’s future in the market and as an entertainment and gambling company says “all the stock market is a game.”
“If you look at the Penn stock, it trades with the rest of the gambling stocks almost lockstep for the past year, year and a half. We don’t operate like those guys,” Portnoy said.
“Those guys are spending billions of dollars on advertising and literally burning money and losing hundreds of millions of dollars. And we trade exactly like them. There’s no actual differentiation.”
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