Tyson, Bankrupt, Sees Income Drop Boxing

By
TysonTalk

Published: January 14, 2004

International Herald Tribune – January 13, 2004

Mike Tyson’s financial world, once filled with eight-figure bouts, has narrowed since he filed for bankruptcy protection last August.

Financial reports filed last month in the U.S. Bankruptcy Court in Manhattan show that Tyson’s only substantial income between August and October was a $175,000 advance from K-1 Corp., which promotes a type of fighting that mixes kickboxing, kung fu, karate and tae kwon do.

By comparison, the reports show, he earned $53.9 million from boxing between Jan. 1, 2001, and Aug. 1, 2003.

Tyson has appeared in a promotional role for K-1 but has not signed a contract as a fighter. Tyson has made noise about wanting to fight a popular K-1 fighter, Bob Sapp, a former professional football player nicknamed the Beast.

The papers show that Tyson’s personal expenses last September were $30,000 and decreased to $25,000 in October

Additional reports show Tyson’s personal and corporate spending before his bankruptcy petition.

In the year before he filed in August, Tyson paid $2.1 million to his former wife, Monica Turner, and a combined $70,742 in child support to Nathalie Fears and Kimberly Scarborough, each of whom had a child with Tyson.

His company, Mike Tyson Enterprises, paid out $425,942 in the 90 days before the bankruptcy, including $302,500 to his former manager, Shelly Finkel, which Finkel has described as a reimbursement for expenses, not a commission from fight earnings.

Scarborough and Finkel are among Tyson’s numerous creditors. Scarborough is owed $51,949 and Finkel, a member of Tyson’s creditors’ committee, is owed $4 million. His other large debtors include the U.S. Internal Revenue Service, which he owes $13.4 million, and the British tax authorities, which are owed $4 million

The documents also describe Tyson’s generosity to Turner; his gifts of fur and jewelry to her and their children between 1996 and 2001 were appraised at $2.5 million. The gifts range from a $4,200 Cartier Pasha watch to a $101,260 platinum ring inscribed with the words heavyweight champion.

Also, $1.1 million in gifts were given since 1998 to third parties, according to the papers, and Tyson does not recall the identities of such parties.

The purchases include $82,000 for men’s mink and chinchilla fur coats and a woman’s mink jacket, their whereabouts listed as unknown.

(C) 2004 International Herald Tribune. via ProQuest Information and Learning Company; All Rights Reserved