DraftKings has appointed Michael Jordan, former professional basketball player and principal owner of the Charlotte Hornets, as a special advisor to the company’s board of directors with immediate effect.  

The NBA Hall of Fame inductee, six-time NBA Finals MVP and Chairman of Hornets Sports & Entertainment has agreed to take an equity interest in the sportsbook operator. 

In exchange he will provide guidance and strategic advice to the board of directors on key business initiatives undertaken by the sports technology and entertainment company that went public earlier this year.

DraftKings Co-Founder and CEO Jason Robins commented: “Michael 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.”

As a special advisor, Jordan will provide strategic and creative input to the board of directors on company strategy, product development, diversity, equity and belonging, marketing activities and other key initiatives.

News of Jordan’s appointment had an immediate and positive effect on DraftKings’ stock as the firm’s share price jumped by 13% during pre-market trading.