DraftKings announced on Wednesday that basketball legend Michael Jordan joined the company as a special advisor to its board of directors in exchange for an equity stake in the digital sports entertainment and gaming company.

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

According to the release, Jordan will provide input to the board on company strategy, product development, marketing, inclusion and equity.

Jordan, 57, is an NBA Hall of Fame inductee, six-time NBA Finals MVP, chairman of the Charlotte Hornets and a former UNC-Chapel Hill basketball player.

Shares of DraftKings (DKNG) jumped on the news and were last trading up $3.00, or 8.13 percent higher, at $39.93.