Forbes Declared Magic Johnson A Billionaire 

Former basketball star, Magic Johnson has been declared a billionaire by Forbes, making him only the fourth athlete to join the exclusive club.

The business magazine estimates Johnson’s wealth at about $1.2bn (£990m).

The other athlete billionaires are NBA players Michael Jordan, Lebron James and the golfer, Tiger Woods.

Johnson has investments in numerous companies including ownership stakes in various sports teams.

But Forbes says his stake in a life insurance company holds most of his wealth.

The 64-year-old had one of the most iconic careers in NBA history before retiring in 1996, but it was outside of sport where he made most of his money.

Forbes states that Johnson made $40m from his NBA career.

Johnson has ownership stakes in three Los Angeles-based sports teams, including MLB’s Los Angeles Dodgers.