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Mike Tyson News: Financial blow: Tyson down to $5,553 in cash

Posted on Friday, February 13, 2004 @ 03:21:21 UTC by viper

USA TODAY - February 11, 2004

If you go out with Mike Tyson, you better expect to pick up the check.

Despite earning more than $200 million during his career, the former heavyweight champ had $5,553 in cash Dec. 31, according to papers filed with the U.S. Bankruptcy Court in New York.

Tyson, whose frequent spending sprees on cars, clothes and jewelry would dwarf the amount of money he claims to have left, filed for Chapter 11 bankruptcy protection in August. According to the documents, Tyson also had $174,000 in property and equipment and more than $10.2 million in liabilities at the end of December.

Although Tyson continues to live in luxury, he reported earning $720,018 and spending $85.50 in December and earning $5.68 and spending $22,000 in November.

Tyson's last payday was for more than $5 million last February, when he knocked out Clifford Etienne in 49 seconds. To help pull himself out of debt, Tyson is mulling a May or June bout.

Tyson also could hit it big if he wins a $100 million lawsuit against Don King, his former promoter. The trial is expected this year.

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© Copyright 2004 USA TODAY, a division of Gannett Co. Inc.

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