DraftKings And Michael Jordan PartnershipPublished September 23, 2020 by Sol FH
Michael Jordan takes an equity stake in DraftKings as a partner and an advisor with the major operator.
The NBA GOAT, Michael Jordan, has taken an equity stock in DraftKings in exchange for becoming a special adviser to the online bookmaker and fantasy sports provider.
As the chairman of the Charlotte Hornets NBA Team and the Hornets Sports and Entertainment company, Jordan will provide strategic advice and guidance to the DraftKings' board of directors.
"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 commented. "The strategic counsel and business acumen Michael brings to our board are invaluable, and I am excited to have him join our team."
The stake of Jordan's equity interest in DraftKings was not reported.
Jordan is arguably the best player in the history of the NBA, winner of six NBA championships, and a member of the Naismith Memorial Basketball Hall of Fame. His guidance will give DraftKings a competitive edge and new marketing strategies. Jordan will be crucial in creating new products and other key initiatives.
Jordan, a longtime gambler, according to the new Netflix documentary - "The Last Dance," and it is not the first time he has joined an online bookmaker. Back in 2015, Jordan, and fellow NBA owners Mark Cuban, and Ted Leonsis went in on investment of SportRadar, a company that provides data to online bookmakers.
"I never bet on games," Jordan said. "I only bet on myself, and that was golf. Do I like to play blackjack? Yeah, I like playing blackjack. There are no laws with that. The league did call me and asked questions about it. And I told them exactly what was happening."
"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 expressed to ESPN.
DraftKings has been a publicly-traded company since April and was trading at 37.00 at the close of the Nasdaq on Tuesday.
The Walt Disney Company also has equity in DraftKings.