Greenberg Glusker Represents Barstool Sports in Founder Dave Portnoy's Buyback from PENN Entertainment

August 8, 2023Press Release
Greenberg Glusker Press Release

Los Angeles, CA - August 8, 2023 - Greenberg Glusker LLP represented Barstool Sports, Inc. (“Barstool”), one of the country’s most popular digital media companies, in the buyback of the company by its founder, Dave Portnoy, from PENN Entertainment, Inc. (“PENN). The transaction marks a significant milestone in the company's journey.

Partners Katy Spillers and Jesse Saivar and Counsel Arthur Moore of Greenberg Glusker played instrumental roles in guiding Barstool through this pivotal transaction. In addition, Justin Bowen of Bowen Tax provided the company vital tax advice.

Katy Spillers, Partner at Greenberg Glusker, commented: "It’s been a privilege to represent Barstool over the past eight years, helping it navigate through its early financings, then its sale to PENN, and now supporting Dave’s counsel in the repurchase from PENN. It feels full circle."

Jesse Saivar, Partner at Greenberg Glusker, added: "With Barstool, we've always had to be nimble, creative, and expect surprises…that certainly was the case with this transaction. We're just happy to assist in putting the company back in the hands of the person who built it brick by brick.”

This deal follows Greenberg Glusker's representation of Barstool in the sale of its remaining interest to PENN a mere five months ago. The speed with which the deal had to be put together was remarkable, especially considering the complex dynamics at play and the fact that PENN is a public company. Greenberg Glusker's deep understanding of the client’s business as well as its longstanding relationships with the figures involved on all sides of the table allowed it to assist Barstool’s CEO Erika Ayers and its General Counsel Paul Anderson in thinking through strategic questions as well as legal ones. 

Wachtell, Lipton, Rosen & Katz acted as legal counsel for PENN, while Giannuzzi Lewendon represented Dave Portnoy personally. The buyback underlines Dave Portnoy's unwavering dedication to the brand he created and nurtured over the years, steering it to become one of the most prominent names in the sports and entertainment industry.

Greenberg Glusker LLP has provided outside general counsel services to Barstool since 2016, including PENN’s acquisition of its initial 36% interest in Barstool in 2020 and its remaining interest in March 2023, and has assisted with its day-to-day transactional matters including its talent deals, content distribution arrangements, branded content agreements, merchandising transactions, IP licensing, backend technology agreements, and its large trademark portfolio. Greenberg Glusker has also successfully represented Barstool in several high-profile litigation matters, including its dispute with actor Michael Rapaport, which is currently on appeal in the Second Circuit, and a case involving one of its personalities that was heard before the Massachusetts Supreme Judicial Court.