DraftKings has drafted basketball superstar Michael Jordan as a special adviser to its board of directors — a move investors deemed a slam dunk.
The NBA Hall of Famer will take an equity stake in the online sports-betting firm in exchange for his guidance and advice on “key business initiatives,” such as product development, marketing and diversity efforts, DraftKings said Wednesday.
DraftKings did not disclose the size of Jordan’s stake or any financial terms of his arrangement with the company. But the announcement sent the Boston-based outfit’s stock price soaring as much as 11.8 percent to $41.