Big announcement for Barstool Sports as Penn National Gaming has purchased a $163 million, 36% stake in the company, valuing Barstool at a whopping $450 million.
This is huge news for Barstool and Dave Portnoy, who started the company as a small gambling newspaper 17 years ago.
Here’s Portnoy’s statement on the sale:
Portnoy says there are plans to potentially open casinos and pizza restaurants as part of the partnership.
This is huge news for Barstool fans and investors alike, the PENN stock has seen a 12.5% price increase since open to the time of this writing.
Barstool is looking to “own the moon” and it is looking like they actually might one day.