Michael Jordan has bought an equity stake in popular fantasy sports and betting website DraftKings. In exchange, he will be a special adviser to the board of the firm.
Draft Kings’ stock price received a shot in the arm today with this news, jumping up 4.75% to $38.68 within an hour of the opening bell. With a market capitalization of over $13 billion, it is a company on the rise. Founded in 2012, DraftKings has rapidly become the fantasy sports website of choice for all 4 American sports league fans.
Michael Jordan joins board of DraftKings as special adviser, purchases equity
As the most popular sportsperson in American sports history and the first to become a billionaire, Michael Jordan has always been business savvy. His entrepreneurial experience in the sports industry is second to none. To be the owner of a sportswear brand that generated over $3 billion last year is saying quite something.
Also Read: Michael Jordan’s game-worn 1997-98 Chicago Bulls jersey recently sold for $240,000
“NBA legend Michael Jordan is taking an equity stake in DraftKings in exchange for becoming a special adviser to the sports betting and fantasy sports company.”https://t.co/DxoHoQciLv
— Ben Fawkes (@BFawkes22) September 2, 2020
Jordan is expected to be of assistance to the DratKings board on various matters, including company strategy, product development, diversity, equity and marketing. In addition, his presence on the board will automatically bring eyeballs to the brand itself. Casual sports fans are often drawn to brands based on who endorses them, and few endorsements ring truer than that of the GOAT.
This is not Jordan’s first foray into the sports betting industry as an investment either. In 2015, in partnership with Mark Cuban and Ted Leonsis, he invested in Sportsradar, a company that provides data to bookmakers worldwide. It is safe to say that Jordan is now extending his business acumen to the sporting world in depth.