Dave Portnoy is determined to rejuvenate Barstool Sports, asserting that he possesses the financial resources to rescue it from its current predicament.
The platform has been experiencing financial losses, leading Portnoy to announce plans for a significant reduction in his workforce shortly after repurchasing the company from Penn Entertainment.
During a recent conversation with Tucker Carlson, Portnoy outlined his strategy for rescuing his struggling brand, emphasizing his wealth and ability to take necessary actions.
There’s little doubt about his financial capabilities, considering he sold Barstool to Penn Entertainment for a substantial $551 million and reacquired it for just $1. However, with sole ownership restored, significant layoffs are on the horizon to mitigate the financial strain.
When asked by Carlson about the company’s losses in the previous year, Portnoy estimated it to be around $10 million.
“It is a lot,” he acknowledged. “It’s a ton, but I’m rich and I can fix it. So if I have to lose money and pay for it for a month or two, fine, but we’ll get back to profitability. We’ll have some layoffs, but we’ll get back to profitability pretty quick.”
Ep. 21 Dave Portnoy founded Barstool Sports and just completed the most impressive business transaction of our lifetime. He also just got into an epic fight and shared the video with us first. Watch. pic.twitter.com/W7AJ10kZni
— Tucker Carlson (@TuckerCarlson) August 31, 2023
Portnoy informed Tucker that Barstool was operating at a deficit under Penn Entertainment, as the latter continued to expand. When the opportunity to partner with ESPN arose, the decision was an obvious one.
He also suggested that more individuals would have lost their jobs if Penn had remained in charge.
“They would have streamlined it, and individuals who weren’t profitable would likely have been laid off,” the 46-year-old remarked. “Unfortunately, I have a bigger heart than people give me credit for. I have these individuals at Barstool who have been with me for 15-20 years – the same people. If they don’t work for me, I don’t know, what are they going to do, bag groceries?
“They’re not the brightest, Tucker, they’re truly not. They belong in our circus, in our world of absurdity. So, I looked at it, and Barstool was losing money, and I said, ‘I’ll take it back.’ We’re losing a bunch, so I have to fix it, but I know I can save all our jobs and steer us back toward profitability.”
Portnoy’s confidence is indeed bold, and it’s admirable in its own right.
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