Mike Tyson Debt Story
Mike Tyson On Being In Debt (Photo Credit – Getty Images)

Mike Tyson is amongst the best professional boxers we have ever witnessed. Coming straight from ‘the great’ Muhammad Ali’s influence, Tyson rose to fame with his on-point focus and aggression. Not just fame, he earned wealth like anything and during his initial active years, he made a wealth of around $300 million.

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As most people do after earning colossal popularity and financial success, Tyson too made some wrong choices as he indulged in drugs, criminal cases and a lot more stuff. For the unversed, he even suffered a prison of around 3 years as he was convicted in a rape case in 1992. All those legal things cost him a lot. In 2003, Tyson had filed for bankruptcy.

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In 2003, an article in the New York Times stated that Mike Tyson made $400 million in the last 20 years but lost it all. As per the article, back then Tyson owed $13.4 million to the Internal Revenue Service. He owed a lot of money to law firms, trainer and the list went on.

In an affidavit, Mike Tyson had said, “I have been in financial distress since 1998. when I was burdened with substantial debt to Showtime, taxing authorities and parties to the litigation. Since that time, although my fight income, various asset sales and litigation recoveries have enabled me to pay a lot of my debt, I am still unable to pay my bills. “

During one of Hotboxin’ With Mike Tyson podcast’s episode, Tyson had revealed that banks used to cut off his due amount as he kept paying back without uttering a word. “I kept paying a little bit at a time. I’d make some money and I’d pay them and then next thing you know I would owe them money for so long they would say, ‘you’ve owed us for so long so we’re gonna decline you owing us this.’ So they would take seven or five million off. That’s how it was getting down. And so they said, ‘look, we’re gonna take this off, too.’ I wound up owing them two million dollars and I paid for it and it was over,” he said.

In another episode of the podcast series, Tyson said of having no regrets about how he lived his life.

“No, I have no regrets,” he said. “Maybe some, but no. As I get older, I say no. When I was younger, I was saying maybe I should have some regrets. My life is the way it’s supposed to be now. It’s preparing me for grander things. I’m surprised I’m not dead from the way I lived my life,” he said.

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