NBA legend Michael Jordan is taking an equity interest in DraftKings Inc. and becoming a special adviser to the online sports-betting company’s board of directors.

The six-time NBA Finals MVP will provide guidance and advice on company strategy, product development and marketing activities.

DraftKings shares rose as much as 18 per cent in U.S. premarket trading and were up 14 per cent to US$41.95 at 8:28 a.m. in New York.

“Michael Jordan is among the most important figures in sports and culture, who forever redefined the modern athlete and entrepreneur,” DraftKings co-founder and Chief Executive Officer Jason Robins said in a statement.

Details of the equity stake weren’t disclosed. Jordan is also the chairman and majority owner of the NBA’s Charlotte Hornets.