Michael Jordan Joins DraftKings Board of Directors as Special Adviser

NBA legend Michael Jordan will receive equity interest in DraftKings as part of a contract to serve as a special adviser to the betting company's board of directors.

CNBC's Thomas Franck reported Wednesday the company's stock jumped 13 percent in pre-market trading after a press release announced the partnership.

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

The company will seek MJ's guidance on "sports company strategy, product development, diversity, equity and belonging, marketing activities and other key initiatives."

DraftKings' stock has increased more than 240 percent in 2020 despite second-quarter financial losses brought on by the coronavirus pandemic, per Franck.

Jordan, whose love of gambling was highlighted in The Last Dance documentary that aired on ESPN in April and May, is one of the most well-known sports figures in the world.

The 57-year-old won six NBA championships and five Most Valuable Player Awards during his record-setting career with the Chicago Bulls.

He's currently the owner of the Charlotte Hornets.