Dave Portnoy says he’s not selling Penn Entertainment stake at current price

Dave Portnoy says he’s not selling Penn Entertainment stake at current price

Article brief provided by Bloomberg News
  • Rob Golum, Bloomberg News
August 12, 2023 4:20 PM

Dave Portnoy said he’s not selling his stake in Penn Entertainment Inc. after the casino company registered most of his holdings for possible sale.

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“I ain’t selling $penn at this price, that’s for sure,” the founder of Barstool Sports said Friday in a post on X, formerly known as Twitter.

Penn registered up to 1.25 million of its common shares held by Portnoy, who is buying back Barstool Sports, an online media business, from the casino company. He owns a total of 1.48 million Penn shares, or about 1% of the company, according to a regulatory filing.

According to Portnoy, his shares in Penn became vested when the company reached its agreement this week to license the ESPN brand for its online betting and sportsbook operations.