Michael Jordan gets stake in DraftKings for advisory role, stock jumps

BOSTON (AP) — DraftKings shares jumped in morning trading after announcing that basketball legend Michael Jordan would take an ownership stake in the company in exchange for becoming a special adviser to the sports betting site.

Boston-based DraftKings said Jordan would immediately “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 did not release details on the amount of Jordan's stake in the company. Jordan is the majority owner of the NBA's Charlotte Hornets and won six championships as a player with the Chicago Bulls.

Shares in DraftKings, which went public a year ago, rose more than 4% to $38.56 in morning trading.