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Just got taken advantage of by Don King, your supposed to trust your management team
But he did waste his money too, probably buying friends, it’s like that great gatsby movie, no friends but has massive parties to cure his sadness or whatever.
>Court records show King had contracts that not only made him Tyson’s promoter, but gave him 30 percent of his earnings – technically against Nevada law.
>What Nevada boxing officials didn’t know was the checks King gave them to give to Tyson for both Holyfield fights weren’t entirely Tyson’s to keep. The $30 million paydays would be cut in half by the time Tyson wrote checks for $9 million to King and $3 million each to Horne and Holloway.
>”After we give him a check for $30 million, we don’t know where the money goes,” Nevada Athletic Commission executive director Marc Ratner said.
>Recent attempts to reach Tyson and King for interviews were unsuccessful.
>King made at least $65 million just from his cut of Tyson’s purses and TV and casino deals, according to contracts signed by King, Tyson, Horne and Holloway. Tyson lawyers claim the promoter made millions more from foreign broadcast rights and expenses he charged to the boxer.
>King was even selling Tyson’s likeness. When the World Wrestling Federation needed Tyson’s picture for its Wrestlemania ads, the rights were credited to Don King Productions.
>Though Tyson signed the checks for Mike Tyson Productions, his financial records were handled in King’s office by an accountant the promoter selected. Tyson seemed oblivious as to where the money was going.
>”I think sometimes he signed blank checks,” said Jeff Wald, a Hollywood agent who is Tyson’s new adviser. “Mike was not told exactly what was going on. Yes, he signed checks and yes, he spent money. But he was entitled to that money.”
>And even after giving half of everything he made to King and his managers, there was plenty left over. Tyson’s 50 percent of the purses and contracts with Showtime television and the MGM hotel-casino amounted to some $106 million.
>For his six fights since getting out of prison, Tyson’s smallest purse was $10 million to fight Buster Mathis Jr. In three of the fights he was paid $30 million for each one.
>”The purses he got were reasonable, and maybe a little on the high side,” rival promoter Bob Arum said. “But it wasn’t reasonable taking 50 percent of his money. When you shave 50 percent off, the deal wasn’t that good.”