Why Are Sportradar Shares Moving Higher After Hours Today?

Sportradar Group SRAD shares traded higher Monday afternoon following after-hours news the company has named NBA legend Michael Jordan as an advisor to the company.

The company also announced Jordan will increase his investment in Sportradar; however, the company's press release did not include specifics about Jordan's new investment.

Sportradar's Chair, in the company's after-hours Monday press release, said, "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 thrilled to have Michael contribute to Sportradar’s business efforts moving forward.”

Shares of Sportradar last traded at $26.75, up 2% from Friday's closing price.