Mike Tyson denies rumors that he is nearly broke

Jet, Feb 23, 1998

Famed boxer Mike Tyson says he is taking control of his career and denied rumors that he is having financial woes.

"I've got more money than you'll ever see in your life. I'm financially secure," he told reporters at a news conference in New York.

The New York Post recently reported that Tyson, who earned about $112 million for six fights after his release from prison in 1995 for a rape conviction, is nearly broke and owes the IRS about $7 million in back income taxes.

He told the New York Times, "There's no truth to that. I'm not broke, but that makes a good sensational headline. At my age and the way my deals with fighting on Showtime are contracted, it will be a long time before I'm broke. I can go through different stages where I can have a great deal of money. I have a lot of money," he said.

Tyson said he will make a little more than $3.5 million for his involvement in the World Wrestling Federation championship match between Shawn Michaels and Steve Austin on March 29. Tyson will not wrestle, but he could become involved in the match.

In a press statement issued a day before the news conference about his involvement in wrestling, Tyson said: "At the present time I have taken control of my own affairs, both personal and business. I have hired new attorneys and accountants who report directly to me. I have formed Mike Tyson Enterprises and I am in the process of moving forward with my life."

The statement did not address news reports that Tyson has severed his ties with famed boxing promoter Don King or his two co-managers, John Home and Rory Holloway.

Referring to his business relationship with King, Tyson said in the New York Times, "Situations like that are fragile. Things like this just don't work themselves out overnight. We have a few contracts with some companies and conglomerates that we've been involved with, so it's not as simple as you might think. It will be another ordeal."

He also said in the Times that people aren't taken advantage of "because they're stupid" but "because they trust one another."

"I'm not saying that was my mistake," Tyson said. I'm just saying those things happen to the best of us."

King said in a press statement: "I love Mike and he knows it. But there are often outside forces and individuals that will try to capitalize on Mike's frustration that comes from his layoff as a result of the suspension."

Tyson also confirmed in the Times that he has dismissed his longtime co-managers, John Horne and Rory Holloway.

Tyson told the Times that there was still room in his company for Holloway, but Home was definitely no longer part of his boxing entourage.

"I hope Rory doesn't take that personally. Rory is still part of my life. It's up to him what role he wants to play in my life."

Tyson also said he is not interested in signing with any other promoter or manager at this time, although Hollywood celebrity manager Jeff Wald released Tyson's recent press statement.

The Nevada State Athletic Commission banned Tyson from boxing and fined him $3 million last July after Tyson bit Evander Holyfield on his ears during a June 28 championship fight in Las Vegas. Tyson will be able to seek reinstatement next July.