Through the latest agreement, Penn will have the right to 50% of the gross proceeds that Portnoy receives in any future sale or other monetization of Barstool. Penn became sole owner of Barstool in February when the company completed its acquisition of Barstool for $388 million.
Penn will be divesting its stock in Barstool Sports to founder David Portnoy. The agreement also grants ESPN about $500 million of warrants to buy approximately 31.8 million Penn common shares that will vest over the same period.ĮSPN will also have the option to designate one nonvoting board observer to Penn's board, or after three years, designate a board member subject to certain regulatory approvals and a minimum ownership threshold. Personal Loans for 670 Credit Score or LowerĪs part of the deal, Penn will pay ESPN $1.5 billion in cash over the 10-year period.
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