Down for the count
Report: Tyson nearly broke, owes $7 million in back taxes
Posted: Wed February 4, 1998 at 12:07 PM ET
NEW YORK (CNN/SI) -- Mike Tyson, who is already under suspension for biting the ears
of Evander Holyfield in a heavyweight title bout last summer,
reportedly is nearly broke and has severed his relationship with
promoter Don King.
The New York Post is reporting that Tyson, who earned
approximately $112 million for six fights following his release
from prison for a rape conviction, is almost broke and owes the
United States government about $7 million in back income taxes.
"He's down to $150,000 in liquid assets," an unidentified source
told the newspaper.
Other sources told the New York Post that the situation is not
as dire, putting Tyson's fund of cash at $4 million, which is
still a fraction of the lucrative purses he has earned.
Tyson reportedly blames King for his troubles, and The Post
claimed the dispute led to an incident outside a Los Angeles
hotel Saturday night in which the boxer slapped and shoved King.
The New York Daily News, citing the chairman of the Nevada State
Athletic Commission, is reporting that Tyson has broken away
from King and has fired co-managers John Horne and Rory
Holloway.
"[Tyson] has signed with Jeff Wald," said commission chairman
Dr. Elias Ghamen, referring to the music entrepreneur.
Wald and Irving Azoff, another music business executive,
promoted the last bouts of George Foreman.
Tyson is expected to receive $3.5 million to appear in a World
Wrestling Federation "Wrestlemania" bout on March 29th against
"Stone Cold" Steve Austin. The New York Post said Tyson became
suspicious of King when WWF officials told him King collected
$300,000 for the rights to Tyson's likeness.
A press conference to formally announce the bout is scheduled
for Thursday in New York, when Tyson will almost certainly be
asked about his management team.
A spokesman for Don King Productions would not comment on the
reports that Tyson has split with King. A statement issued
Tuesday by Sig Rogich, a publicist hired by King, denied any
formal split.
"There are often outside forces and individuals that will try to
capitalize on Mike's frustrations that comes from his layoff as
a result of the suspension," the statement said.
Tyson had his boxing license revoked by the Nevada State
Athletic Commission in July for biting the ears of Holyfield in
a June 28 fight at Las Vegas. In one of the most bizarre
happenings in sports history, Tyson bit off a chunk of
Holyfield's right ear, then attacked the left ear before being
disqualified.
Tyson became the youngest heavyweight champion in history at the
age of 20 when he knocked out Trevor Berbick in the second round
of a World Boxing Council title fight on November 22, 1986.
Six years later, Tyson was convicted of rape and served three
years in prison before he was released in March of 1995.
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