Michael Jordan Takes a Big Stake in DraftKings

Sports legend Michael Jordan has taken an equity stake in DraftKings in exchange for becoming an adviser to the company. The size of the equity interest was not revealed.

The sports betting and fantasy sports company has announced that Jordan will provide guidance and strategic advice to the DraftKings’ board of directors, .

Jordan is also the chairman of Hornets Sports and Entertainment, the ownership group of the Charlotte Hornets.

“Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur,” Jason Robins, CEO and co-founder of DraftKings, stated. “The strategic counsel and business acumen Michael brings to our board is invaluable, and I am excited to have him join our team.”

According to the release, the Hall of Fame basketball legend will provide DraftKings with input to the board of directors on company strategy, product development, diversity, equity and belonging and marketing activities, among other key initiatives.

“NBA team investors, including governors, are permitted to have involvement with sports betting and fantasy sports businesses, subject to safeguards required under league rules to prevent actual or perceived conflicts of interest,” an NBA spokesperson told ESPN in an email.

DraftKings went public this past April.

Disclaimer: We have no position in Draftkings Inc. (NASDAQ: DKNG) and have not been compensated for this article.