Michael Jordan has found a new partner to help him make money off of his name. Sportradar, an international sports data company, announced on Wednesday that it had entered into a strategic partnership with the NBA legend.
Michael Jordan is doubling down on his lucrative partnership with Sportradar after a massive success in their IPO.
Michael Jordan, a Chicago Bulls legend and NBA Hall of Famer, was the first to invest in Sportradar in 2015. After the sports gambling data company’s very successful initial public offering (IPO) last week, he sees a chance to expand that investment.
Jordan was a member of Sportradar’s first round of financing in 2015, when the business was still in its infancy. Mark Cuban, the owner of the Dallas Mavericks, and Ted Leonsis, the owner of the Washington Wizards, were among the other investors at the time. Jordan is doubling down on his initial investment five years later.
Michael Jordan has increased his investment in Sportradar and will now act as a special advisor to the company.
Michael Jordan’s stake in Sportradar in 2015 is unclear, although he is believed to have held less than 5% of the business. Regardless, he’s increasing his contribution.
Jordan raised his shareholding, according to Sportradar, earlier this week. Jordan will also act as a special advisor to the company’s board of directors. He has gained greater clout in the group, which is coming off a very fruitful week.
Sportradar chairman Jeffery Yabuki said in a statement, via Sportico, that “not only is Michael Jordan one of the most iconic sports figures of all time, but he is a legendary leader who believes in Sportradar’s mission to enhance fan engagement through our fully integrated technology and services platform.” “We are delighted to have Michael assist to Sportradar’s future commercial efforts.”
Sportradar was valued at $8 billion in its first public offering. The company’s value fell to $7.4 billion on the first day of trading, but the IPO still generated $513 million for sports gambling data.
Sports betting has grown into a multibillion-dollar industry. As betting legalization spreads throughout the United States, Sportradar’s data algorithms become more useful.
The linear trajectory of Sportradar
Michael Jordan will raise his investment in Sportradar and act as a special adviser to the board of directors, according to the business.
Last week, the sports data firm raised $513 million in its first public offering.
After last night’s MJ announcement, shares rose 3.4 percent in extended trading. pic.twitter.com/WUKHJqKhc4
— September 21, 2021, Front Office Sports (@FOS)
Michael Jordan’s arrow with the Bulls was almost always pointing upwards as he guided one of the greatest dynasties in NBA history. The trajectory of Sportradar is basically the same.
Even as recently as last year, Sportradar was valued at just over $3 billion. However, compared to the same period in 2020, the company’s sales increased by over $100 million in the first six months of 2021.
In recent years, Sportradar has formed agreements with almost every major professional sports organization. It also provides statistics to companies such as DraftKings and FanDuel. Jordan is also a special advisor to the DraftKings board of directors.
The public’s reaction to Sportradar’s open market availability was quite clear. Jordan’s appointment as a special advisor boosted the company’s stock by an extra 3.5 percent.
In other words, MJ is probably aware that he has a high chance of making money, which is why he decided to raise his investment.
Michael Jordan’s net worth is estimated to be in the millions of dollars.
Toni Kukoc speaks during the 2021 Naismith Memorial Basketball Hall of Fame ceremony at Symphony Hall in Springfield, Massachusetts, on September 11, 2021, given by Michael Jordan and Jerry Reinsdorf | Maddie Meyer/Getty Images
Can Sportradar assist His Airness in increasing his $1.6 billion fortune?
Michael Jordan earned approximately $90 million with the Bulls during his playing career, but that’s nothing compared to the fortunes he’s amassed via endorsement deals with Nike (Jordan Brand), Hanes, Gatorade, and a slew of other companies.
Jordan has become the investor after so many people from all around the world have invested in him. He previously invested in digital firms and is back as the Hornets’ governor. He’s also well-known in the sports betting world, especially after he increased his investment in Sportradar.
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