Erika Ayers Badan, the CEO of Barstool Sports, has announced her resignation after the company’s turbulent ownership changes.
Barstool was sold to Penn Entertainment for $550 million, then bought back by founder Dave Portnoy for $1.
Ayers Badan wrote, “The last two years was all Penn all the time.”
“It was a balancing act and kind of an exercise in futility — trying to generate bets at the same time as protecting a pirate ship while also subtly contorting it to be something more predictable, pacifiable and projectable to match with a casino company,” she explained.
“In the last year we sold the company twice. First to Penn for $550M and then to Dave for $1. It seems insane and it was,” reflected Ayers Badan.
Ayers Badan expressed relief at the return to independence, praising Portnoy’s leadership.
She highlighted the company’s remarkable revenue growth since she joined in 2016 and credited Portnoy as the ideal leader for Barstool’s future.
“A pirate ship with Dave at the helm… I did what I came here to do and more than I could have ever imagined and now it’s your turn to take it forward,” wrote the former CEO.
“My time at Barstool will forever inspire me. I gave you my all. Thank you for giving me so much more,” she added.
Ayers Badon wrote to the Barstool employees, “At the heart of it, I came here to work with Dave. I liked Dave instantly and I trusted him… There is no one better to make sure Barstool lasts far into the future in the way it was intended than Dave.”
Portnoy also praised Ayers Badan’s contribution, emphasizing her pivotal role in the company’s success.
Portnoy wrote on X, “There is no doubt @erika_ was the perfect and probably only fit for us. It’s been quite a run and we couldn’t have done it without her. She was everything I dreamed she’d be and more in a CEO.”
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