Michael Jordan has become a billionaire after increasing his stake in NBA side Charlotte Hornets.

The former Chicago Bulls superstar first became an investor in the Hornets in 2006 and ultimately took control of the franchise in 2010 when he bought out Robert Johnson.

Now Forbes magazine reports that Jordan has increased his stake to 89.5%, thus becoming one of the few sportsmen to become a billionaire.

“Our net worth figure for Jordan uses the $600 million figure,” explained Forbes’ Mike Ozanian.

“Sports bankers say the Hornets are presently worth between $600 million and $625 million.

“The Hornets have $135 million of debt, which makes Jordan’s equity in the team worth $416 million.

“After subtracting all the cash Jordan has invested in the team, we estimate his net worth outside of the Hornets to be $600 million, giving him a net worth of a $1 billion.”