Sportress of Blogitude

Michael Jordan assumes equity stake in DraftKings, becomes adviser

Michael Jordan will take on an advisory role with DraftKings after assuming an equity stake in the sports betting and fantasy sports company, according to an announcement Wednesday.

The NBA legend will serve in the capacity of special adviser for DraftKings’ board of directors as part of the arrangement per the news release, as relayed by ESPN.

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

Jordan already serves as chairman of Hornets Sports and Entertainment, the ownership group of the NBA’s Charlotte Hornets. It’s unclear how his new role with DraftKings impacts his position with the Hornets. It’s safe to assume, of course, that any potential conflicts of interest were explored and dismissed prior to Jordan coming on board.

Jordan obviously has remained in the spotlight long after his legendary NBA career came to an end. His fame and his prominence in pop culture, however, saw an incredible uptick this year with the runaway success of “The Last Dance,” the 10-part ESPN docuseries that chronicled Jordan’s career and his final season with the Bulls that became one of the year’s biggest hits.

Jordan’s net worth is estimated to be approximately $1.6 billion, according to Forbes. While his exact financial in DraftKings was not released, his investment obviously will only enhance the NBA icon’s already-considerable riches.