Michael Jordan Joins DraftKings as Special Advisor
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Michael Jordan isn’t disassociating from his love for gambling.
The NBA Hall of Famer and Charlotte Hornets owner joined DraftKings Wednesday as a special advisor to the company’s board of directors.
In exchange for an undisclosed equity stake, Jordan will provide strategic and creative insight. The deal does not include the right for DraftKings to use Jordan’s name and likeness in advertising.
“Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur,” said DraftKings CEO Jason Robins, in a statement. “The strategic counsel and business acumen Michael brings to our board is invaluable.”
DraftKings’ stock was up 9.8% early today after the Jordan news was released.
This isn’t Jordan’s first foray into the business of gambling. In 2015, he invested in betting data company SportRadar.
Jordan, the first athlete to make $1 billion, thanks mostly to a shoe franchise with Nike, bought the Charlotte Hornets on a $280 million valuation in 2010 and sold an undisclosed minority piece last year on a $1.5 billion valuation.
Earlier this year, Nike’s Jordan brand and Jordan announced a $100 million commitment over 10 years to social and economic justice and education of black communities.