Michael Jordan Becomes Draft Kings Advisor
File this one under the ‘Go Big or Stay Home’ category.
Draft Kings has inked a former basketball player you might have heard of to serve as a special advisor to the company’s board. Yeah, Michael Jordan.
The Hall of Famer earns an equity stake in the sports betting juggernaut. The news predictably boosted DraftKings stock in morning trading, per Forbes.
“Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur,” DraftKings co-founder and CEO Jason Robins said in a statement this week. “The strategic counsel and business acumen Michael brings to our board is invaluable, and I am excited to have him join our team.”
Michael Jordan Draft Kings advisor
No kidding. And don’t forget betting acumen. Jordan was known for his competitive fire and need to bet on anything from golf matches to card games with teammates. The conspiracy theory that his first retirement sprung from an unannounced suspension due to his gambling habits has been routinely debunked.
The theory was revived and dismissed by Jordan is this year’s documentary The Last Dance.
DraftKings went public in April, smack in the middle of the Covid-19 pandemic and its share price has climbed steadily. Jordan is tasked with advising on company strategy, product development, marketing activities among other things, according to the statement.
Terms of the deal were not disclosed, other than Jordan would receive an equity position in the company.
DraftKings has busily been working its magic as states begin approving regulatory frameworks for sports betting. It recently launched in Illinois and benefits from a change of heart from Gov. JB Pritzker who removed a requirement to sign up and deposit at physical sportsbook locations. That change opens the door for mobile registration and should prove a great move for Illinois operations and Illinois bettors.
DraftKings, which went public April 24 with a closing price of $19.35, has seen its shares grow steadily over the spring and summer even as the coronavirus upended professional sports