The world of sports and entertainment is full of money, luxury, comfort, and extravagance, but not everyone manages to salvage and retain it. A classic example of this would be Mike Tyson. The heavyweight boxing champion, during his rise in the 1980s, went on to become one of the richest athletes in the world.
Especially during his peak years in the 1990s, the boxing legend was earning massive purses from his fights, sponsorships, and endorsements, catapulting his net worth to staggering levels. However, his financial journey has not been as rosy as his life, for it received a heavy blow when he filed for bankruptcy in 2003.
Even though the legend underwent some serious career and life-damaging challenges, being the fighter that he is, Tyson bounced back. Currently worth $10 million compared to his once $400 million empire, it is startling nonetheless the career and financial trajectory Iron Mike has had. So, without further ado, here is a comparison of Mike Tyson’s rollercoaster of a financial journey from his meteoric peak to where it stands today.
Mike Tyson’s Career Breakthrough and Earnings Through Peak
Mike Tyson, aka Michael Gerard Tyson, is undisputedly hailed as one of the greatest heavyweight champions of all time. Starting his career in 1985 to retiring in 2005, Tyson’s time in the ring is full of some of the most unexpected, shocking, and ravishing feats. Having won his first bout at 19, the Baddest Man on the Planet accumulated a significant amount of money during this time.
Tyson’s first real taste of fortune came in 1987 when he signed a staggering $27 million eight-fight contract with HBO. Faster than lightning, he defeated Alex Steward in just two minutes and 27 seconds, later signing a long-term contract with Showtime amounting to $120 million. Here started a career peak for Tyson, whose earnings since then continued to climb to shocking levels until 2003.
As per Celebrity Net Worth, during his career in the ring, Tyson earned $430 million from fights and endorsements, which amounts to over $700 million today. Meanwhile, Sportico listed Tyson at number 18 in the list of 50 Highest-Paid Athletes of All-Time, listing his inflation-adjusted earnings at $905 million. His career’s largest paycheck was the one fight he fought against boxing legend Lennox Lewis, for which he earned $103 million, with $75 million being just a pay-per-view bonus alone.
Despite Earing Millions, What Went Wrong with Mike Tyson?
Mike Tyson was earning big bucks from his fights and endorsements throughout the 1990s and early 2000s. However, it was also the time that his career started to somewhat decline and so did his net worth. According to Celebrity Net Worth, it is being alleged that his promoter, Don King would take up a significant amount of his earnings through ill means.
Despite their friendship, it was alleged that King was financially exploring him, using Tyson’s lack of financial knowledge to his advantage. The tensions ultimately rose and Tyson filed a lawsuit against him, claiming that King had been using unethical practices and shady business deals to benefit from him financially. While the case never made it to trial, King did end up paying him over $14 million, which ended up being paid to the various creditors that Tyson owed debts to (see BBC and Essentially Sports).
However, all this is just the tip of the iceberg for Mike Tyson’s controversies (see New York Post) and extravagant spending has much to do with his current net worth. Back in 2003, despite earning more than $400 million in his career, the boxing legend filed for bankruptcy, with his debt amounting to more than $27 million. According to the bankruptcy filing by Tyson back then, given below are the details of the debt (via New York Times).
- The Internal Revenue Service, which was owed $13.4 million, and the British tax authorities, which owed $4 million.
- The treasuries of Georgia and Michigan were owed $317,201 by Tyson’s company, Mike Tyson Enterprises.
- Seven law firms, which was owed more than $600,000 by Tyson and his company.
- Barry Hankerson, a financial manager, who was owed $500,000.
- The music producer Jimmy Henchmen, who was owed $450,000.
- A former trainer, Stacey McKinley, sued Tyson in a Memphis court to repay a debt of $800,000.
- Tyson also owed $51,949 in child support to Kimberley Scarborough, who gave birth to their daughter in 1991.
But the real reason for him filing his bankruptcy was the highly extravagant lifestyle Tyson led. As Davis Law Firm states, the boxing legend from 1995 to 1997 Tyson spent over $9 million in legal fees, $230,000 on pagers and cell phones, and $410,000 on a birthday party. Add that to the $8,100 bill for maintenance of his tigers and another $65,000 for limos. However, these expenses are just a small glimpse of what the Baddest Man on the Planet spent, as his spending was much more than one could imagine (via Celebrity Net Worth).
What is Boxing Legend Mike Tyson’s Net Worth Now?
Even after scandals, jail terms, controversies, and more, Mike Tyson continues to remain as relevant as ever. Widely hailed as one of the best boxers to ever have set foot inside the ring, his enduring popularity and acclaim have managed to keep Tyson afloat in spite of his many problematic deeds.
The boxing legend’s career started to diminish after he filed for bankruptcy in 2003. After losing bouts in 2004 and 2005, he retired soon after that (see LA Times). Despite the many upheavals, the legend has a net worth of $10 million, according to Celebrity Net Worth. A meager amount compared to his previous lavish lifestyle, it is still shocking that he has managed to salvage even such an amount after bankruptcy and more.
As per Yahoo, his financial comeback is due to a handful of business ventures such as his investment in the cannabis industry (via Forbes) and his podcast series Hotboxin’ with Mike Tyson, film and television appearances and ventures, exhibition fights, books, and media, and personal appearance fees which amounts to $75,000 for a two-hour personal appearance as per Celebrity Net Worth.
In July 2020, Tyson formed a partnership with Eros Innovations to compete in a legend-only professional game. In the first-ever game held in November 2020, he went head to head with fellow boxing legend Roy Jones Jr., which brought both of them a hefty $10 million each. Apart from occasionally making professional appearances, he is next set to fight Jake Paul in a legendary match organized by Netflix and Most Valuable Promotions on November 15, 2024 (via Netflix).
While he might be worth $10 million now, a long way from what he was worth at the peak of his career, there is no denying the legend continues to enjoy a successful career. Still as hardworking and resilient, the GOAT of heavyweight world has time and again proven that he can bounce back from any setback. As fans look eagerly towards Tyson’s upcoming fight, all eyes are eagerly waiting and watching to see what Iron Mike’s next move will be.
