- DraftKings shares climb 12% following news of Jordan’s involvement
- Boston-based company went public in April
- Jordan to provide input relating to strategy, product development and inclusion
Retired basketball icon Michael Jordan has secured an equity stake in DraftKings in exchange for becoming a special adviser to the sports betting and daily fantasy sports company.
The former Chicago Bulls shooting guard will provide the Boston-based company’s board of directors with strategic and creative input relating to strategy, product development, inclusion, equity and belonging, marketing activities and other initiatives.
The size of Jordan’s equity interest in DraftKings was not disclosed. His role as an adviser is effective immediately.
“Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur,” said DraftKings co-founder and chief executive Jason Robins. “The strategic counsel and business acumen Michael brings to our board is invaluable, and I am excited to have him join our team.”
News of Jordan’s involvement in DraftKings saw the company’s shares skyrocket by as much as 12 per cent on 2nd September, according to US media reports.
The deal comes months after DraftKings went public following a US$3.3 billion merger with gaming technology specialists SBTech and investment firm Diamond Eagle Acquisition Corp (DEAC).
Jordan previously invested in Swiss company Sportradar, which provides sports betting data to bookmakers around the world, alongside National Basketball Association (NBA) owners Ted Leonsis of the Washington Wizards and the Dallas Mavericks’ Mark Cuban.
The 57-year-old has a net worth of US$1.6 billion, according to Forbes, thanks in part to his various business interests. Those also include ownership of the NBA’s Charlotte Hornets and lucrative sponsorship deals with the likes of Nike, owner of the Jordan Brand.