The Montgomery Advertiser from Montgomery, Alabama on April 5, 1998 · 39
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The Montgomery Advertiser from Montgomery, Alabama · 39

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Montgomery, Alabama
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Sunday, April 5, 1998
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39
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Sunday Montgomery Advertiser SUNDAY SPECIAL April 5, 1998 11D Tyson's millions vanish with nothin show tO sii'- want --rr.-ay w f. r Unbelievable loss: The boxer has grossed millions in his lifetime, but finds himself broke 1 1 1 mm ijtu, " "I I li nn 3 C?, CI V - i - - "A Yep ASSOCIATED PRKSS Mike Tyson's $3.7 million home sits outside Las Vegas. It contains seven bedrooms, a wine cellar, exercise room, tennis court, swimming pool and guest house. more. 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 check King gave them to give to Tyson for both Holyfield fights wasn'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 Home 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. 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, Home 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 ev- VIV - f tances and owned three different homes. With millions in his pocket on his release from prison, the spending escalated. "I'm not tight with a dollar," Tyson acknowledged. "I'm very frivolous at times." Then, with two bites, the money dried up. But the spending didn't stop. Even while Nevada boxing regulators were meeting to revoke his license and fine him $3 million last July for biting Holyfield's ears in the ring, Tyson showed up at a car dealership just outside New York to buy another car. He bought a Ferrari for $300,000, declining a test drive because he already had one just like it. Tyson hardly needed the wheels. At his Ohio mansion alone, he kept a 1995 Rolls Royce, a new D LA ... .... AJI, V erything 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." Tyson's spending habits were legendary even in his pre-prison days. He bought and wrecked cars, then bought some more. He lavished gifts on friends and acquain ASSOCIATED PRESS LAS VEGAS Mike Tyson had been out of the Indiana Youth Center only a few hours and already he , was a rich man. In his pocket, the former heavyweight champion had two checks, each made out to him for $10 million. Most Indiana prisoners are given $75 in spending money to ease their transition back into society. Tyson needed no such help. The three years he served for rape hardly did anything to diminish his appeal If anything, he was bigger than ever, and multimillion-dollar deals already had been struck for his return to the ring. In the next few weeks Tyson would get another $12 million for the rights to future fights and television. A few months later, he earned the most money ever given to a boxer $25 million to fight a stiff named Peter McNeeley. It was the first of $140 million in purses Tyson earned during the next two years. Today, much of that money is gone and Tyson is banned from boxing for biting Evander Holy-field's ears. The fighter who once terrorized the heavyweight division and became its youngest champ in history at 20 frittered away millions on mansions, Bentleys, jewelry, and even Bengal tigers while buying extravagant gifts for his entourage. Don King also took a huge chunk. Tyson not only has cash flow problems but reportedly owes the government millions in back taxes. And for the second time in his career in lawsuits nearly identical to the ones he filed against former managers a decade ago Tyson claims promoters and managers ripped him off by taking advantage of his lack of business knowledge. This time, he says, King and his two co-managers took him for more than $100 million. Stories of boxers earning and .- 1 A V ' f 1 f P155 nJ 80R13 1 Range Rover and a Mercedes-Benz 500. He had Lamborghinis and BMWs in his stable, along with nearly every type of luxury or play vehicle. Over the years, Tyson reportedly bought 110 cars either for himself or as gifts. At one Las Vegas dealership alone, he purchased 20 cars. One day Tyson and some members of his entourage walked into Jim Chaisson Motors, a luxury dealership in Las Vegas. In the showroom was a $320,000 Bentley Azure, the most expensive production car in the world. Tyson bought it, and ordered four more. In the space of a few minutes, he had spent more than $1.5 million. "It was mainly for him and his business associates," owner Jim Chaisson Jr. said. "We usually stock one or two." : Steel Belted RadialImports 155SR12 $12.99 17570SR13 18570SR13 18570SR14 19570SR14 25.99 27.99 29.99 31.99 LIMITED WARRANTY P18560SR14BW $45.99 P19560SR14BW.. 46.99 P19560SR15BW 47.99 P20560SR15BW 48.99 P20570SR14RWL 45.99 P21570SR14RWL 46.99 P22570SR14RWL 47.99 P21570SR15RWL 48.99 P22570SR15RWL 49.99 P23570SR15RWL 51.99 BIG 1 0S 40,000 MILE LIMITED WARRANTY PCRFQMVUiCi: RE 900 I P18560TR14BW.....67. ! P19560TR14BW.....69. I P19560TR15BW.....70. ! P20560TR15BW.....71. ! P21560TR15BW.....73. P22560TR16BW.....78. BIGIO'S 55,000 MILE LIMITED WARRANTY M oonttnc EXPLORER P15580R13WW ...46 64 P 1 8570R 1 4 WW. 49 39 P19570R14WW. 51 29 P20570R14WW 54.14 P20570R15WW. 55 09 P2 1 570R 1 5 WW. 57 94 P17565R14BW. 46.54 P18565R14BW. 47 49 P20565R 15BW. 53.19 BIG 1 0 S 55,000 MILE LIMITED WARRANTY . 262-1994 715 Madison Ave. Montgomery 22?- I 37 I 29 V M 21 7 061 61 f ASSOCIATED PRESS Mike Tyson became the youngest heavyweight champion in history at age 20. then blowing fortunes are nothing new. Neither are stories of others who profit from them. But never has it happened on such a grand scale. And never has it happened to larger-than-life figures such as Tyson and King. "Everyone in boxing makes out but the fighter," Tyson said last year, perhaps forgetting for a moment that he was the richest fighter ever. As the biggest draw in boxing history, Tyson figured to get rich following his release from prison. And he did. Casinos offered huge sums to be hosts for his fights and fans eagerly paid $50 to watch Tyson on television. Celebrities and high-rollers thought nothing of laying out $1,500 for a ringside seat. Tyson fights generated enormous revenues, far beyond those of any other fighters. His second bout with Holyfield was the biggest grossing fight ever, and seven of his fights were among the top 10 pay-per-view events ever. But Tyson wasn't the only one making millions. For example, $22.5 million each was given to pals Rory Holloway and John Home. The bombastic, spiky-haired King profited even f ASSOCIATED PRESS 1 Remote Keyless Entry Safe-T-Litz Automatk Daytime Running light I Croih Avoidant Safety $ytem 277-7963 by Jack Ingram Motors I lSSvi 2 Remote v2?Xf Alarm -Ste. System ARM Steel Belted Whitewall for American Cars P17580R13 $19.99 P18575R14 22.99 P19575R14 .....23.99 P20575R14 ...25.99 P20575R15 26.99 P21575R15...........28.99 P23575R15... 29.99 BIGIO'S 35,000 MILE LIMITED WARRANTY V-- mm Banished from the boxing world, Mike Tyson, right, has ' turned to the world of professional wrestling. One hundred years of innovation. your tires. tlf -' - 1 f ucir TRVCB spo&t tmutr P21575R15 $56.99 P23575R15 59.99 309.50R15LT 79.99 3110.50R15LT 81.99 LT23575R15 74.99 LT23585R16 84.99 BIGIO'S 40.000 MILE LIWI I LU WAKKAW I T J 4mvmvi- k .. AU ttttiQH FT70C P17565R14 53.99 P18570R14 56.99 P19575R14 62.99 P19570R14 59.99 P20570R15 71.99 P20565R15 66.99 BIGIO'S 70,000 MILE LI M ITEP WARRANTY J yBATTEHIBS Coupon j RUHMWII.MMUMTUM GavlngsoffourRegularPrlc. NotVaDd I WlHj AnyJOIhar OWr.XPIRES 4898" Wet Traction Control! Six-Year, Unlimited Mileage Warranty! MICHELIN LTX, MJCHELIN XH4 Because so much is riding CALL TODAY FOR TffS LOWEST C.UCHEUCI PRICES tcnoivm MICHELIN MX4, MICHELIN MXV4, Awnitnhiiifv on v ' Excellent 2670 5706 I WHERE DID TYSON'S DOLLARS GO? Some facts and figures from Mike Tyson's fights since he was released from prison in April 1995: Tyson vs. Peter McNeeley, Aug. 19, 1995. Live gate: $13,965,600. Pay-per-view sales: 1.6 million homes. Tyson's purse: $25 million. Tyson vs. Frank Bruno, March 16, 1996. Live gate: $10,673,700. Pay-per-view sales: 1.4 million. Tyson's purse: $30 million. Tyson vs. Bruce Seldon, Sept. 7, 1996. Live gate: $6,-305, 900. Pay-per-view sales: 1 million. Tyson's purse: $15 million. Tyson vs. Evander Holyfield I, Nov. 9, 1996. Live gate: $14,150,700. Pay-per-view sales: 1.6 million. Tyson's purse: $30 million. Tyson vs. Holyfield II, June 28, 1997. Live gate: 414,277,200. Pay-per-view sales: 1.9 million. Tyson's purse: $30 million. Tyson's only other fight, with Buster Mathis Jr. was shown on network TV. He was paid $10 million. 271-2278 2769 Zelda Rd. Montgomery vm ammaiMB iff If You Find The Same Tires We Sell Advertised For Less By An Area Competitor- Just Bring In The Ad. We'll Beat That Price. Period. That's Big 1 0's No Hassle Guarantee. 288-2742 E. South Blvd. Montgomery 277-7072 Atlanta Hwy. Montgomery 361-9608 556-0934 1749 E. Mam Prattville St 3025 McFariand Blvd. Tuscaloosa Kin r1okn rv rnrrvrn rtt A SI. 50 PW lro ICfOO OPEN MONDAY-SATURDAY 7AM-6PM Ask About no pawiMnt For 90 Day si r $2000 To Seestorefordotails. nf wyrtA stitn llmrturl mirr.Utr.k emmn H nonww. wa disposal Te wm oe oanea ro eoc.n !ir ixxctoctmn n iisposai fe wi be cyinea to eoc.h tr ixxcJhnwfi tfi envTrorrr wit wosm wn oT 51 ai) wli be oO'ied to ch oilftilof crionao. 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