The GOAT has entered the room.
Michael Jordan, yes, that Michael Jordan has some skin in the sports betting industry as he’s linked up with DraftKings as a board advisor in exchange for equity within the company.
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The move made an immediate impact in the financial world as DK’s stock soared up 7% Wednesday morning.
Jordan is known to have an affinity for gambling. From tossing coins with security guards to million-dollar Golf debts, #23 is no stranger to the action, and his latest business endeavor reflects that as well as the reach of the legal sports betting market stateside.
Jordan 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, according to a press release.
It will be interesting to see how Jordan evolves with the company. He’s done quite well for himself since retiring, purchasing the Charlotte Hornets in 2010 for $280 million. The franchise is currently valued at $1.5 billion, according to the Action Network, and Jordan recently sold a minority share of the team.
Forbes says the Air Jordan brand “is easily worth north of $10 billion”. Jordan is the definition of an icon. Anything he touches gains value. Just look at the Hornets. They have been awful as a team since Jordan took over, but their value continues to soar, given his status.
“Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur,” said Jason Robins, DraftKings co-founder, and CEO. “The strategic counsel and business acumen Michael brings to our board is invaluable, and I am excited to have him join our team.”