Dave Portnoy, the founder of Barstool Sports, says that the nonprofit he formed last year will transform into a permanent charitable organization. Barstool Sports was founded in 2003, since then, the company has received more than $41.5 million from supporters. Portnoy also sold 36 percent of the sports betting company to Penn National Gaming in 2020 for $163 million.
Portnoy has announced that Barstool will be turning into a full-time charity organization. Barstool is seeking an executive to lead the organization. Portnoy says that his organization will help small businesses recover during COVID-19 and also in the future.
Barstool has a large following on social media, and it is no doubt why Penn National decided to acquire part of the company. Penn has signed a deal with Barstool to acquire the remaining stake for $450 million.
After Penn’s investment in Barstool, the online brand began venturing into sports betting. Barstool is currently licensed in Pennsylvania, Illinois, Michigan, and Indiana. Barstool also has an online interactive live casino that is operational in Michigan and Pennsylvania.
Barstool originally planned to finance struggling restaurants amid the pandemic. However, the charity organization has since then extended to cover other small businesses. Barstool’s grant amount is enough to allow a business to survive in about 30 days. Businesses will also receive further donations until they are financially stable.
