DraftKings stock rose significantly Wednesday morning after the announcement that basketball legend and Charlotte Hornets owner Michael Jordan has joined the sports betting platform as a special adviser to the board of directors.

The stock was up as much as 12% early in the morning, moving north of $42 a share. As of Wednesday afternon DraftKings was at almost $40 a share.

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

Jordan is expected to offer strategic input to DraftKings on initiatives involving product development, inclusion and marketing activities. Jordan has been given an equity stake in the company, though the exact figure is unknown.

“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 told CNBC, regarding Jordan’s role with DraftKings.

During the NBA players’ brief boycott last week, Jordan played a key role in communicating to the league’s owners what the NBPA wanted before resuming games, ESPN reported. Jordan is the NBA’s only Black controlling owner.

DraftKings went public on April 24 after its merger with Diamond Eagle Acquisition Corp. When the market closed Tuesday, the stock was up 240% for the year, according to CNBC.

Michael Jordan
NBA Hall of Famer and Charlotte Hornets owner Michael Jordan walks off the court during the NBA All-Star Game 2016 at the Air Canada Centre in Toronto, Ontario, Feb. 14, 2016. Elsa/Getty Images
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