Don King and Mike Tyson have had a complex and controversial relationship in the world of professional boxing. While it is true that Mike Tyson filed a $100 million lawsuit against Don King, alleging that the promoter cheated him out of tens of millions of dollars over more than a decade, there is no evidence to suggest that Don King ever sued Mike Tyson. This article will delve deeper into the lawsuit filed by Tyson and the subsequent settlement reached between the two parties.
The Lawsuit
On March 5, 1998, former heavyweight boxing champion Mike Tyson filed a $100 million lawsuit against Don King in U.S. District Court in Manhattan. Tyson alleged that King and his companies acted as one entity to enrich King at Tyson's expense. The lawsuit accused King of approving one-sided, unconscionable, and oppressive agreements between his companies and the boxing industry.
Tyson claimed that King had cheated him out of tens of millions of dollars over more than a decade. The lawsuit alleged that King took advantage of Tyson's vulnerability and lack of understanding of contracts to secure unfair deals. Tyson argued that King's actions were a gross conflict of interest.
The Settlement
After years of legal battles, Mike Tyson eventually reached a settlement with Don King. On June 26, 2004, Tyson agreed to drop his $100 million lawsuit against King in exchange for a $14 million payment. However, it is important to note that Tyson was not likely to receive the money himself. The $14 million payment would go toward paying off some of Tyson's debts to various creditors, including the Internal Revenue Service and his ex-wife, Monica.
To settle the rest of his financial problems, Tyson's lawyers presented a plan in federal bankruptcy court in New York. Under this plan, Tyson would fight seven times over the next three years. He would contribute the $14 million from King, an estimated $4.2 million from the sale of his two houses in Las Vegas, and $19.5 million from future fight purses to a fund to pay off his creditors.
The plan outlined that King would pay $8 million up front, with an additional $3 million in January 2005 and $3 million more in January 2006, pending the bankruptcy judge's approval. This settlement with King played a crucial role in addressing Tyson's financial difficulties.
While Mike Tyson did file a $100 million lawsuit against Don King, there is no evidence to suggest that Don King ever sued Tyson. Tyson alleged that King cheated him out of tens of millions of dollars over a period of more than a decade, but the two parties eventually reached a settlement. Tyson agreed to drop his lawsuit against King in exchange for a $14 million payment, which would go toward paying off his debts to various creditors. The settlement also involved Tyson fighting seven times over the next three years to contribute further funds to the payment of his creditors.
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