NBA legend Michael Jordan acquires a stake in DraftKings in exchange for becoming a special advisor to a sports and fantasy sports betting company. As a result of Wednesday’s deal, DraftKings shares were up more than 8%.
Michael Jordan is Chairman of Hornets Sports and Entertainment, the owner group of the Charlotte Hornets. He will provide strategic advice to the DraftKings board of directors.
“Michael Jordan is one of the most important figures in sports and culture, forever changing the definition of the modern athlete and entrepreneur. The strategic advisor and business acumen that Michael brings to our board of directors is invaluable and I’m delighted to have him join our team, ”Jason Robins, CEO and co-founder of DraftKings, said in a press release Wednesday.
A six-time NBA champion and member of the Naismith Memorial Basketball Hall of Fame, Jordan will provide DraftKings with information on company strategy, product development, diversity, equity and marketing activities, and other key initiatives.
Following the announcement, DraftKings’ shares closed at $ 39.90 a share by the end of Wednesday’s trading session, up more than 8%.