Tyson settles lawsuit against ex-promoter

By
TysonTalk

Published: July 11, 2004

WASHINGTON: Mike Tyson, the former world heavyweight boxing champion struggling in bankruptcy, accepted a US$14mil settlement from Don King that ends Tyson’s US$100mil lawsuit against his ex-promoter.

Under the terms of the deal, King pays Tyson US$8mil immediately and another US$6mil over the next two years.

Tyson had accused King, 72, of fraudulently taking money from Tyson’s purses when the two worked together after Tyson was released from prison in 1995 through his 1997 ear-biting of Evander Holyfield.

Tyson sued King in 1998 and King countersued for US$110mil.

Negotiations have been going on for several weeks,? Tyson attorney Stephen Espinosa told USA Today. Ultimately we reached an agreement that all parties found acceptable.

It’s my understanding that everyone has signed and we’re in the process of obtaining the approval of the bankruptcy court.?

Tyson, who was paid more than US$300mil for his legendary ring exploits, declared Chapter 11 bankruptcy last August.

Tyson had vowed never to fight for King again, even though King now backs two major heavyweight champions, Chris Byrd and John Ruiz, lesser-regarded champion Lamon Brewster and several other top heavyweight contenders.

If Mike is promoted by (King) in the future, it’s not because of this deal,? Tyson advisor Shelly Finkel told the newspaper.

The settlement for King was similar to a court fight against former junior middleweight champion Terry Norris that ended with King paying Norris US$7.5mil last December.

Tyson has not fought since knocking out fellow American Clifford Etienne in the first round in February of last year.

But Tyson is preparing to make his ring return July 30 against Britain’s Danny Williams in Louisville, Kentucky, the hometown of heavyweight legend Muhammad Ali. ?? AFP

Source: the star.com