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Hornets owner Michael Jordan gets equity stake in DraftKings

Michael Jordan, Hornets, DraftKings

Michael Jordan might be the world’s most famous gambling enthusiast. Now, he’ll lend his, let’s call it … expertise to one of the biggest sports betting forums.

On Wednesday morning, DraftKings announced that the Chicago Bulls icon and current Charlotte Hornets owner will be joining the betting company’s board as a special advisor in return for an equity stake in the company.

MJ will “provide strategic and creative input to the board of directors on company strategy, product development, inclusion, equity and belonging, marketing activities and other key initiatives,” the company said in a statement.

Michael Jordan makes sense as a high-profile representative for the fast-growing betting site. DraftKings began as a forerunner in daily fantasy sports (DFS) but has opened substantive betting operations in multiple states since 2018, when the U.S. Supreme Court struck down the federal ban on sports wagering.

In a statement, DraftKings CEO Jason Robins said that Jordan “is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur. The strategic counsel and business acumen Michael brings to our board is invaluable, and I am excited to have him join our team.”

DraftKings mentioned “inclusion” in their statement, and Jordan — and his company, Jordan Brand — have been active in speaking out and contributing to ongoing social issues. DraftKings may intend on being a business leader in that department, too.

Michael Jordan joins the site just ahead of the start of football season — typically the busiest time of the year for adding new users.

DraftKings went public on April 24, and the stock has risen more than 100% since then. The news of Jordan’s addition initially sent DraftKings stock up nearly 13%.