Charlotte Hornets owner Michael Jordan is taking an equity interst in DraftKings in exchange for “providing guidance and strategic advice” to the company’s board of directors.
In addition to his equity interest, Jordan will also join the e-sports and gambling company as a special advisor.
The NBA Hall of Famer will give his insight on company “strategy, product development, inclusion, equity and belonging, marketing activities and other key intiatives.”
“Michael Jordan is among the most important figures in sports and culture, who forever redfined the modern athlete and entrepreneur,” said Jason Robins, DraftKings co-founder and CEO.
“The strategic counsel and business acumen Michael brings to our board is invaluable, and I’m excited to have him join our team.”
Upon the announcement of Jordan’s addition, DraftKings shares jumped 13 percent in premarket trading to $41.86, according to CNBC.
With sports being shut down for a chunk of the spring and summer due to the COVID-19 pandemic, DraftKings experienced a larger loss than they expected in the second quarter of this year.
In a statement released last month, Jason Robins said the betting company worked to engage new fans in NASCAR, golf, UFC, and European soccer while major sports in the US were shut down.
Michael Jordan brings a world wide recognized brand and face to DraftKings as they look to do even better business.