Michael Jordan takes equity stake in DraftKings, becomes adviser

Fantasy sports and betting company DraftKings announced NBA legend Michael Jordan as a special adviser to the board of directors Wednesday, prompting its shares in the stock market to see a significant bump. 

Jordan, the majority owner of the Charlotte Hornets and considered by many basketball pundits to be the greatest player of all-time, also will have an equity stake in the company as part of the deal. It was not announced how much equity interest Jordan would have. DraftKings' stocks closed at 36.93 on Tuesday and had risen to as high as 40.01 Wednesday at 3 p.m. ET since Jordan became affiliated with the company. 

Jordan's role, according to a news release from DraftKings, will see him providing guidance and strategic advice to the board of directors. The release said Jordan would assist with "company strategy, product development, diversity, equity and belonging and marketing activities, among other key initiatives." 

Charlotte Hornets owner Michael Jordan. (Photo: The Associated Press)

"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, said in a statement. "The strategic counsel and business acumen Michael brings to our board is invaluable, and I am excited to have him join our team."

Jordan's persona for his love of gambling on the golf course was documented heavily in ESPN's "The Last Dance," which aired this past spring. Jordan was showcased in past interviews saying he has a "competition problem" and not a gambling addiction. 

NBA owners are permitted to have involvement in fantasy sports businesses, "subject to safeguards required under league rules to prevent actual or perceived conflicts of interest," an NBA spokesperson told ESPN. 

DraftKings, founded in 2012, became a publicly traded company in September.

The company allows users to enter daily and weekly fantasy sports contests and win money based on individual player or team performances. 

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