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