Barstool Sports will soon start searching for a new leader as CEO Erika Ayers Badan is said to be leaving the company. Ayers Badan (formerly Nardini), 48, joined Barstool in 2016 shortly after its acquisition by The Chernin Group at a $15 million valuation. During her tenure, she played a pivotal role in the enormous personnel, revenue, and relevance expansion.
The massive expansion ultimately led to Barstool's acquisition by PENN Entertainment for a total exceeding $500 million between 2020 and 2023. Now, Badan is seeking employment elsewhere, according to the New York Post. Throughout her tenure with the company, Badan worked hand-in-hand with the controversial founder of Barstool, Dave Portnoy.
Parting Ways after Successful Stint
Before joining Barstool, the 48-year-old Badan also worked as an executive at AOL and the WWE. Working with Portnoy was one of Ayers' biggest challenges.
Portnoy repurchased the company for $1 in August of last year, a move made after the unconventional brand posed challenges to state gambling regulators.
Barstool Sportsbook successfully obtained licenses in numerous states with legalized gambling; however, it faced challenges in securing licensure in New York, the state with the largest population that also allows legal gambling.
In Massachusetts, Barstool Sportsbook eventually secured a license, but not without a complication. State regulators raised concerns about the "Can't Lose Parlay" promotion.
Barstool clarified that the slogan was satirical, drawing on the reputation of popular talent Dan "Big Cat" Katz, who led the promotion and was humorously known for his lack of success as a gambler.
In a separate incident, PENN pressured Portnoy to fire personality Ben Mintz after he used the N-word while reciting lyrics to a song during a live stream.
Troubled Times
Eventually, Portnoy rehired Mintz as an ambassador for his Brick Watch brand and later for Barstool when he regained control of the company.
Following PENN's divestment from Barstool, the company entered into a partnership with ESPN for its gambling app.
Badan, a former executive at AOL, had also served on WWE's board. She has been hosting the "Token CEO" podcast for Barstool for years, offering business advice to listeners.
During her leadership, Barstool saw significant expansion in marketing reach, securing deals with prominent brands including Coors Lite and Pizza Hut.
The Barstool brand has achieved mainstream popularity, particularly in the coveted 18-34 advertising demographic, amassing millions of followers across platforms such as Twitter, Facebook, Instagram, and TikTok.
As of now, Badan's next career move is not immediately known.
