SI.com · Sep 2, 2020
Michael Jordan Gets Stake in DraftKings for Advisory Role
SILVER SPRING, Md. — DraftKings shares jumped in midday trading after announcing that basketball legend Michael Jordan would take an ownership stake in the company in exchange for becoming a special adviser to the sports betting site.
Boston-based DraftKings did not release details on the amount of Jordan’s stake in the company. Jordan is the majority owner of the NBA’s Charlotte Hornets and the deal has the league’s approval.
“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 said Wednesday.