Shares of DraftKings (NASDAQ:DKNG) rallied early Wednesday on information that Michael Jordan is taking an fairness place within the day by day fantasy sports activities (DFS) firm and changing into an advisor to the board of administrators.
Michael Jordan, seen right here in 2016 with President Obama, is becoming a member of DraftKings as a board advisor and receiving fairness within the firm. (Picture: Getty Photos)
An announcement issued by the Boston-based sportsbook operator doesn’t element precisely how a lot inventory Jordan, 57, is receiving, or if there’s a money wage or different compensation concerned for his advisory duties. The corporate’s website already lists the basketball legend as particular advisor to the 13-member board.
As a particular advisor, Jordan will present strategic and inventive enter to the board of administrators on firm technique, product growth, inclusion, fairness and belonging, advertising and marketing actions, and different key initiatives,” in response to DraftKings.
The NBA accredited Jordan’s relationship with DraftKings, a crucial procedural step as a result of he’s the bulk proprietor of the Charlotte Hornets. He has an estimated web value of $1.6 billion.
Jordan Becoming a member of Glamorous Group
DraftKings went public in April, nevertheless it’s already been revealed that the corporate attracted a cadre of well-known traders from the finance and sports activities worlds.
Jordan joins the likes of billionaire financier George Soros and a number of other different house owners {of professional} sports activities franchises on the DraftKings investor roster. NFL house owners Robert Kraft of the New England Patriots and Jerry Jones of the Dallas Cowboys have been early traders within the DFS firm and nonetheless maintain fairness at present.
Jordan is no less than the third NBA proprietor to carry DraftKings fairness, becoming a member of Madison Sq. Backyard Leisure, which is run by the house owners of the New York Knicks, and Boston Celtics co-owner Stephen Pagliuca.
For MJ, arguably the best basketball participant of all-time, DraftKings isn’t the primary firm with sports activities betting publicity he’s an investor in. “His Airness” is one among three NBA house owners which might be early traders in sports activities information supplier Sportradar, a agency that counts DraftKings amongst its purchasers.
The assertion issued by DraftKings doesn’t point out any potential offers with Jordan’s Hornets. Sports activities wagering is authorized in North Carolina, nevertheless it hasn’t gone reside within the Tar Heel State.
Cultural Transfer
Jordan, who went 6-0 in NBA Finals appearances, capturing MVP honors every time, has a well-documented historical past with playing that, over time, has taken on a lifetime of its personal. Jordan as soon as reportedly mentioned he doesn’t have a playing drawback. Quite, he has “a contest drawback.”
Nonetheless, his affiliation with DraftKings will be seen as a cultural coup for the younger firm. Greater than 17 years faraway from his final sport, MJ continues looming massive over the NBA and sports activities landscapes.
Gamers which might be even remotely near being in his expertise universe come alongside as soon as in a era, if that, and after they do, they’re inevitably in comparison with Jordan, be they the late Kobe Bryant or present famous person, LeBron James.
Jordan leveraged his visibility because the face of the NBA into profitable endorsement offers with Gatorade, Hanes, and Nike, amongst others, offering a template for future generations of athletes to maximise earnings potential.
In retirement, his enterprise achievements, together with proudly owning the Hornets, maintain him within the public eye, making him a notable addition to DraftKings.
