Michael Jordan is investing and advising with a new team, and yes, it involves wins and losses.
This is because NBA legend and owner of Charlotte Hornets is acquiring a sports equity stake in DraftKings, a sports betting and fantasy sports company.
The size of Jordan’s equity has not been determined.
“Michael Jordan is among the most important figures in sport and culture who have forever redefined the modern athlete and entrepreneur,” said Jason Robins, CEO and co-founder of DraftKings. “The strategic advice and business acumen that Michael brings to our board of directors is invaluable and I am thrilled to have him join our team.”
In addition to continuing to oversee the Hornets, Jordan will provide “guidance and strategic advice to the DraftKings board of directors,” as reported by ESPN’s Dave Purdum.
Jordan won six championships as a member of the Chicago Bulls, and his career-focused 10-part miniseries, “The Last Dance,” became the most viewed documentary in ESPN history since its first release in April. (It is currently available on Netflix.)
Jordan’s involvement with sports betting is not seen by the NBA as a conflict.
“Investors of NBA teams, including governors, may be involved with sports betting and fantasy sports activities, subject to the safeguards required by league rules to prevent actual or perceived conflicts of interest,” Purdum said, quoting a spokesperson. of the NBA.
DraftKings went public in April.
