Michael Jordan Boosts Sportsradar Investment, Takes Special Advisory Role
Posted on: September 21, 2021, 12:24h.
Last updated on: September 21, 2021, 12:47h.
Michael Jordan is boosting his equity stake in Sportradar (NASDAQ:SRAD) and joining the newly public company as a special advisor to the board of directors.
Sportradar, a provider of sports betting data, went public last week, raising more than $670 million after pricing an initial public offering (IPO) of 19 million shares at $27 per share. Jordan, the owner of the Charlotte Hornets NBA franchise, is an early investor in the company.
In his new advisory position, Mr. Jordan will provide the board and management with guidance and strategic counsel, with a focus on the US market, product development, marketing activities, and other key business initiatives,” according to a statement issued by the Switzerland-based company.
Sportradar shares currently reside just under $26. The stock closed at $25.05 after trading in an intraday range of $24.20 to $27.03 on its first day of trading.
Jordan a Player in World of Sports Betting Equities
Jordan, arguably the greatest basketball player of all-time, retired from the NBA more than 18 years ago. But his imprint on the game remains because of his ownership of a franchise and his relationship with apparel and footwear giant Nike.
Jordan, who went 6-0 in NBA Finals appearances, capturing MVP honors each time, has a well-documented history with gambling that, over the years, has taken on a life of its own. Jordan once reportedly said he doesn’t have a gambling problem. Rather, he has “a competition problem.”
These days, Jordan is an investor in gaming companies. In addition to this stake in Sportradar, he also owns stock in DraftKings (NASDAQ:DKNG). “His Airness” became an advisor to the DraftKings board of directors in September 2020.
Size of Sportradar Stake Unknown
Jordan is one of three NBA owners that are early investors in Sportradar. Mark Cuban of the Dallas Mavericks and Ted Leonsis of the Washington Wizards are the others.
The announcement regarding Jordan’s increased financial position in the company and his role as an advisor to the board doesn’t provide details on exactly how large his stake is in the data provider. A recent filing with the Securities and Exchange Commission (SEC) indicates Cuban, Jordan, and Leonsis each own less than five percent of Sportradar.
Sportradar is piecing together an impressive portfolio of deals with leagues, potentially making its data all the more essential to gaming companies. The company provides data on over 80 sports across 150 leagues in 120 countries. Those relationships include the NBA, MLB, NHL, FIFA, and NASCAR.
Among US-listed equities, Genius Sports (NYSE:GENI) is the most obvious comparable to Sportradar, though the latter is about the double the size of its rival.
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