Dave Portnoy purchased Barstool Sports back from Penn Entertainment for $1

There may not be a better bargain than what Dave Portnoy paid to buy back Barstool Sports from Penn Entertainment. 

Portnoy paid a mere $1 to take back the sports media behemoth on Tuesday, according to a new securities filing reviewed by The Hollywood Reporter.

It pales in comparison to what Penn Entertainment paid to acquire Barstool Sports, which amounted to a $551 million deal that was completed earlier this year. 

“Pursuant to the Barstool SPA, PENN sold 100% of the outstanding shares of Barstool to David Portnoy in exchange for a nominal cash consideration ($1.00 dollar) and certain non-compete and other restrictive covenants,” the quarterly report read. 

Penn Entertainment also agreed to “indemnify Barstool and its subsidiaries and David Portnoy for certain tax matters.”

The deal also stipulated that Portnoy would have to give Penn 50 percent of the proceeds of any future sale of Barstool. 

However, Portnoy said Tuesday that he had no plans to ever sell Barstool Sports again and that he would “hold it ’til I die.”

Penn is set to lose between $800 million-$850 million on the deal, which the company had originally hoped would boost its sports betting business by tying into one of the most recognizable brands in sports media.

Instead, Barstool appeared to create more problems than they anticipated, souring things. 

“We got denied licenses because of me. You name it. So the regulated industry probably not the best place for Barstool Sports and the content we make,” Portnoy said. 

With Penn and Barstool going their separate ways, Penn announced on Tuesday that they cut a deal with ESPN to rebrand Barstool Sportsbook to ESPN Bet. 

Penn Entertainment will pay ESPN $1.5 billion as part of the new deal and $500 million in stock warrants, according to The Hollywood Reporter.