This Power Buy gains a sports legend as an investor

Article Excerpt

DraftKings keeps hitting new highs even amid continuued COVID-19 sports lockdowns. That testifies to the strong demand for sports wagering. It has also attracted the interest of prominent athletes. DraftKings is a Power Buy for our Power Growth Investors. DRAFTKINGS INC., $51.03, is a Power Buy. The company (Nasdaq symbol DKNG; TSINetwork Rating: Extra Risk) (www.draftkings.com; Shares o/s: 355.6 million; Market cap: $18.1 billion; No dividend) has announced that National Basketball Association (NBA) legend and team owner Michael Jordan will purchase an undisclosed stake in DraftKings. He will also become a special adviser to its board of directors. As a special advisor, DraftKings hopes that Jordan—an NBA hall of famer and majority owner of the Charlotte Hornets—will provide strategic and creative input to the board of directors on company strategy, product development, inclusion, equity and belonging, marketing activities and other initiatives. The NBA legend has also had success in the business world. His partnership with Nike Inc.—launched in 1984—remains one of the most lucrative franchises in sportswear. In addition, he has business…

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