sunny.png
Monday August 2nd, 2021 7:55PM

Michael Jordan gets stake in DraftKings for advisory role

By The Associated Press
Related Articles
  Contact Editor

SILVER SPRING, Md. (AP) — DraftKings had a big bounce on Wall Street Wednesday on news that basketball legend Michael Jordan is taking an ownership stake in the sports betting site.

Jordan is getting stock in DraftKings in exchange for providing “guidance and strategic advice” to the Boston-based company's board of directors, the company said. DraftKings did not release details on the size of Jordan’s stake.

Shares of DraftKings Inc., which went public in April, ended up 8% on Wednesday.

Jordan is the majority owner of the NBA’s Charlotte Hornets and the deal has the league's approval.

“NBA team investors, including governors, are permitted to have involvement with sports betting and fantasy sports businesses, subject to safeguards required under league rules to prevent actual or perceived conflicts of interest,” an NBA spokesperson said Wednesday.

Jordan’s interest in DraftKings is not expected to affect the Hornets’ presence on the site.

The NBA agreed to a multiyear deal about a year ago to make DraftKings an official sports-betting operator. The NBA has several similar arrangements, including one with DraftKings’ longtime daily fantasy sports rival FanDuel. The league also struck a first-of-its-kind deal with MGM Resorts International in 2018 to be compensated for providing official data as a way for those casinos to determine outcomes of various bets.

That differs from the way Golden Nugget casinos, owned by Houston Rockets owner Tilman Fertitta, are permitted to handle games involving his NBA club. Golden Nugget sports books in Nevada, New Jersey and Mississippi can accept NBA wagers, but cannot for games involving the Rockets.

Jordan has made no secret of his affinity for gambling, whether playing blackjack in casinos or making bets during a round of golf. As a player for the Chicago Bulls, he famously went to Atlantic City in between games of the 1993 Eastern Conference finals against the New York Knicks, revealing details of the trip in “The Last Dance” docuseries released earlier this year by ESPN and Netflix. Jordan also said he never bet on NBA games.

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.”

—-

AP Basketball Writer Tim Reynolds in Lake Buena Vista, Florida, contributed to this report.

  • Associated Categories: Associated Press (AP), AP Sports, AP Online Basketball, AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Sports - NBA
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Second Trump appointee out at FDA over credibility concerns
A second Trump administration appointee has been ousted at the Food and Drug Administration after the agency’s botched announcement about an experimental therapy for COVID-19
12:06PM ( 10 minutes ago )
Germany says Soviet-era nerve agent used on Russia's Navalny
The German government says tests show that Russian opposition leader Alexei Navalny was poisoned with the same kind of Soviet-era nerve agent that British authorities identified in the 2018 attack on a former Russian spy
12:02PM ( 14 minutes ago )
Kennedy falls short in Senate bid; tight race to succeed him
U.S. Rep. Joe Kennedy III has become the first in his storied political family to lose a run for Congress in Massachusetts
12:01PM ( 14 minutes ago )
Associated Press (AP)
More charges brought in college admissions bribery scandal
Another wealthy parent has been charged with trying to bribe his child’s way into an elite university as a fake athletic recruit
11:13AM ( 1 hour ago )
The Latest: Notre Dame-Wake Forest game moved from Charlotte
Wake Forest says its Sept. 26 football game against No. 10 Notre Dame will move from Charlotte, North Carolina, to the Demon Deacons’ home field in Winston-Salem
10:25AM ( 1 hour ago )
The Latest: Jorginho cleared to join Italy's national team
Italy midfielder Jorginho has been cleared to train with the national team after joining the squad three days late because of concerns about exposure to the coronavirus with Chelsea
10:17AM ( 1 hour ago )
AP Sports
Nuggets edge Jazz 80-78 to complete comeback from 3-1 down
Nikola Jokic made the tiebreaking basket with 27 seconds left and the Denver Nuggets advanced to the second round of the NBA playoffs by the slimmest of margins
12:28AM ( 11 hours ago )
WNBA playoff picture comes into focus, teams clinch berths
With less than two weeks left in the regular season, the WNBA playoff picture is becoming clearer
10:59PM ( 13 hours ago )
Tatum, Smart lift Boston past Toronto, Celtics take 2-0 lead
The reigning NBA champion Toronto Raptors are in serious trouble
9:11PM ( 15 hours ago )
AP Online Basketball
Drilling, mines, other projects hastened by Trump order
Documents provided to The Associated Press show the Trump administration is seeking to fast track environmental reviews of dozens of major energy and infrastructure projects during the COVID-19 pandemic
11:34AM ( 42 minutes ago )
Mercedes-Benz unveils new flagship S-Class sedan
Daimler AG is showing off the new S-Class from its Mercedes-Benz luxury brand
11:26AM ( 50 minutes ago )
The Latest: Europe CDC: Virus spread slow so far in schools
The head of the European Centre for Disease Prevention and Control says the coronavirus doesn’t seem to be spreading significantly in schools that opened early in Europe
11:07AM ( 1 hour ago )
AP Business
Macy's swings to loss in second quarter but tops estimates
Macy’s Inc. on Wednesday reported a fiscal second-quarter loss of $431 million, after reporting a profit in the same period a year earlier
7:30AM ( 4 hours ago )
Minister: New Zealand enduring wave of cyberattacks
New Zealand’s justice minister says the nation is confronting cyberattacks on an unprecedented scale, targeting everything from the stock market to the weather service
3:43AM ( 8 hours ago )
Scale of New Zealand cyber attacks unprecedented: minister
New Zealand’s justice minister says the nation is confronting cyber attacks on an unprecedented scale, targeting everything from the stock market to the weather service
2:55AM ( 9 hours ago )
AP Business - Corporate News
Global shares mostly higher, cheered by US economic data
Global shares are mostly higher as investors were encouraged by positive U.S. economic data, even while the coronavirus pandemic has regions around the world battling recessions
5:27AM ( 6 hours ago )
Australia's economy takes sharpest dive since the 1930s
Australia’s economy has suffered its sharpest quarterly drop since the Great Depression because of the pandemic, with new data released confirming the country is in its first recession in 28 years
5:04AM ( 7 hours ago )
Tunisian prime minister wins confidence vote amid crisis
Tunisian lawmakers approved Hichem Mechichi as new prime minister after pressing him for 11 hours over how he will bring the country out of economic and social crisis
3:25AM ( 8 hours ago )
AP Business - Economy
Stocks move higher on Wall Street after big gain in August
Wall Street shook off a sluggish start and was moving higher in midday trading Tuesday, a day after the market wrapped up its fifth monthly gain in a row
2:56PM ( 21 hours ago )
Stocks drift higher on Wall Street after big gain in August
Wall Street shook off a sluggish start and was moving tentatively higher in midday trading Tuesday, a day after the market wrapped up its fifth monthly gain in a row
12:04PM ( 1 day ago )
Eurozone unemployment capped by support programs _ for now
The unemployment rate across the 19 countries that use the euro currency rose modestly to 7.9% in July as the jobless spike was held down by temporary government job-support programs and the relaxation of some coronavirus containment measures
10:56AM ( 1 day ago )
AP Business - Financial Markets
Former athletes, sports shows take lead on social justice
During a week in which athletes in several sports walked off the job to protest social and racial injustice, sports networks devoted plenty of airtime to those topics
2:54AM ( 2 days ago )
Murray outduels Mitchell, sets up first Game 7 in the bubble
The Jamal Murray-Donovan Mitchell duel will be settled in the first Game 7 in the bubble
12:16AM ( 2 days ago )
Leonard leads Clippers past Doncic, Mavs to reach 2nd round
Kawhi Leonard had 33 points and 14 rebounds and the Los Angeles Clippers eliminated Luka Doncic and the Dallas Mavericks from the playoffs with a 111-97 victory in Game 6 of the first-round series
7:26PM ( 2 days ago )
AP Sports - NBA
Second Trump appointee out at FDA over credibility concerns
A second Trump administration appointee has been ousted at the Food and Drug Administration after the agency’s botched announcement about an experimental therapy for COVID-19
12:06PM ( 10 minutes ago )
Germany says Soviet-era nerve agent used on Russia's Navalny
The German government says tests show that Russian opposition leader Alexei Navalny was poisoned with the same kind of Soviet-era nerve agent that British authorities identified in the 2018 attack on a former Russian spy
12:02PM ( 15 minutes ago )
Kennedy falls short in Senate bid; tight race to succeed him
U.S. Rep. Joe Kennedy III has become the first in his storied political family to lose a run for Congress in Massachusetts
12:01PM ( 15 minutes ago )
Charlie Hebdo terror attack suspects go on trial in Paris
Thirteen men and a woman are on trial for the 2015 attacks against the satirical newspaper Charlie Hebdo and a kosher supermarket in Paris that marked the beginning of a wave of violence by the Islamic State group in Europe
11:57AM ( 19 minutes ago )
Portland chief: Violent protests come 'at increased cost'
Portland’s police chief has denounced protest vandalism this week in Oregon's largest city after people broke windows and set a fire inside the upscale apartment building where Mayor Ted Wheeler lives
11:54AM ( 22 minutes ago )