DraftKings has named NBA Hall of Fame inductee and six-time NBA champion Michael Jordan as a special advisor to the company’s board of directors.
The chairman of Hornets Sports & Entertainment has agreed to take an equity interest in Draftkings in exchange for providing guidance and strategic advice to the sport betting company’s board of directors.
Jordan’s advice will mostly focus on ‘key business initiatives’ undertaken by Draftkings whilst the former Chicago Bulls player will also be providing an input for topics such as product development, diversity, equity and belonging.
Jason Robins, DraftKings co-founder and CEO commented: “Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur.
“The strategic counsel and business acumen Michael brings to our board is invaluable, and I am excited to have him join our team.”
DraftKings began publicly trading in April following its merger with SBTech and Diamond Eagle. According to multiple media reports, the sports betting firm’s stock has rapidly risen following the announcement of Jordans arrival, as the company’s share price jumped by 13 per cent during pre-market trading.
Jordan, who will also be instrumental to the firm’s marketing activities and other key initiatives, will begin his new role as special advisor to DraftKings’ board of directors effectively immediately.
It has not been announced how much equity will be given to Jordan at this time.
This is not the former-NBA players first time being involved with a sports betting company as Jordan is also currently on the advisory board of Sportradar’s US subsidiary, a organisation which collects and analyses sports data to provide services for bookmakers, sports federations, and media companies.