NBA legend Michael Jordan is expanding his business prowess as a newly tapped “special advisor” on the board of directors for DraftKings, the fantasy sports and sports betting company. Also, he’s set to receive an undisclosed equity stake, according to USA Today.
CNN reports DraftKings adding Jordan’s name to the company’s stake raised their stocks significantly, sending shares around 6 percent higher in early trading.
“Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur,” said Jason Robins — DraftKings co-founder and CEO — in a press statement. “The strategic counsel and business acumen Michael brings to our board is invaluable, and I am excited to have him join our team.”
Forbes reports that effective immediately, Jordan will step into his new role to provide “guidance and strategic advice to the board of directors on key business initiatives undertaken by the sports technology and entertainment company.”
Additionally, he will advise on “company strategy, product development, diversity, equity and belonging and marketing activities, among other key initiatives,” according to ESPN.
Jordan touched on the fondness of gambling briefly on his Emmy-nominated documentary “The Last Dance,” where he reveals what motivated him.
“I never bet on games,” he said in the doc. “I only bet on myself, and that was golf. Do I like to play blackjack? Yeah, I like playing blackjack. There’s no laws with that. The league did call me and asked questions about it. And I told them exactly what was happening.”
While his sports resume is already lengthy, it’s amazing to see Jordan turn his gambling habit into a profitable business venture as a new part-owner of DraftKings.
