Mike Tyson is a retired American boxer. He was an undisputed heavyweight champion of the world in 1980s. By the way, how much is Mike Tyson’s net worth today? Let us find out that answer here.
Mike Tyson’s net worth
Mike Tyson made millions throughout his career, however his current net worth is not as high as you might think. Now, Mike Tyson has a net worth of $10 million. During his heyday, Tyson was one of the most popular and highest-paid athletes in the world. In history, he was the youngest champion, at age 20. Sadly, he squandered and was bilked out of a personal fortune which reached around $300 million at his peak. In 2003, Tyson declared bankruptcy. According to the bankruptcy filing, Tyson was reportedly $23 million in debt at that time.
During his career, Tyson earned at least $430 million in purses and endorsements, approximately $700 million after adjusting for inflation. Sky Sports called him “the most ferocious fighter to step into a professional ring” and ESPN called him “The Hardest Hitter in Heavyweight History.” Even though Tyson was a talented boxer, his reputation was destroyed by controversy in and out of the ring.
Finally, Tyson could get back into good financial standing by reshaping his public image through several TV and movie appearances. Also, he had his own animated TV series, “Mike Tyson Mysteries,” and in recent years, he has developed his own marijuana dispensary empire.
Early Life of Mike Tyson
According to the research, Tyson was born on June 30th of 1966 in Brooklyn, New York. He grew up in a rough neighborhood. His stepfather was involved in crime and gambling. Once Tyson was ten years old, he and his mother moved because of financial problems. By the age of 13, he had been arrested for 38 crimes. He frequently fought bigger youths who made fun of his voice. Need to know that, Tyson speaks with a lisp. During school, Tyson’s fighting ability was found by a juvenile detention instructor and a former boxer. After working with some trainers, he linked up with Cus D’Amatto, a trainer who would have an immense influence on the future boxing champ. After Tyson’s mother passed away when he was 16 years old, D’Amatto became his legal guardian. Also, Tyson worked with Kevin Rooney from a young age.
Early Boxing Career of Mike Tyson
The first experiences of Tyson with professional boxing were in the Junior Olympics, where he could win gold medals in 1981 and 1982. Also, Tyson fought in the 1984 Summer Olympics, but he lost against Henry Tillman in two bouts. Tyson’s first professional fight came when he was 18 years old. He beat Hector Mercedes with a first-round TKO. This started a growing trend for Tyson, who often ended fights in the first round. He continued to fight enemies who were more challenging than those he had faced previously, with lots of predicting an early rise to stardom. In 1985, Cus D’Amatto died. Of course, Tyson lost an important father figure early in his career. Many stated that this would prove to have a destabilizing effect on Tyson’s later life.
Career Earnings of Mike Tyson
Tyson signed a $27 million eight-fight contract with HBO which ran through his bout against Alex Stewart in 1987. He defeated Alex Stewart in two minutes and 27 seconds. Then, he signed a long-term $120 million contract with Showtime which covered some matches, including Holyfield I and II. During Mike’s career, he earned at least $430 million from fights and endorsements. That is the same as approximately $700 million in today’s dollars.
For years it has been understood that a large chunk of his earnings were taken by promoter Don King. Later, a court case would reveal that his contract with King entitled the promoter to 30% of his earnings. Technically, this was illegal in Nevada. It has been alleged that after mysterious additional fees, Don King would take 50% off the top before cutting a check to Mike. The example fees would include $100,000 per fight to Don King’s wife as a consultant fee. Also, Don King’s sons were paid $50,000 per-fight consulting fees. At his peak, Tyson was paying the President of the Mike Tyson Fan Club $1,000 per week. In fact, the President was Don King’s daughter.
Aside from that, his earnings were garnished by creditors like the IRS. For instance, Tyson was paid $8 million to fight Danny Williams in 2004. Sadly, $6 million of those earnings were directly garnished by the IRS, leaving Tyson with $2 million personally for his efforts.
In the table below, we share a fight-by-fight breakdown of Mike’s paydays between November 1986 and also his final professional fight in 2005. As you are able to see, his biggest payday by far was the $103 million he earned fighting Lennox Lewis in 2002. Of that $103 million, approximately $75 million was from a pay-per-view bonus.
|Mike Tyson Career Earnings|
|Tony Tubbs||$10,000,000||$21 million|
|Michael Spinks||$20,000,000||$42 million|
|Frank Bruno I||$8,000,000|
|Donovan Ruddock I||$6,000,000|
|Donovan Ruddock II||$10,000,000|
|Peter McNeeley||$25,000,000||$42 million|
|Frank Bruno II||$30,000,000||$50 million|
|Evander Holyfield I||$30,000,000|
|Evander Holyfield II||$30,000,000||$49 million|
|Lennox Lewis||$103,000,000||$148 million|
|Roy Jones Jr||$10,000,000|
In July 2020, Tyson and Roy Jones announced that they were both coming out of retirement to face each other in a match. The two reportedly make a deal with a sponsor who collected $50 million to fight. Each fighter could get as much as $10 million. After the announcement, Tyson claimed that he would donate all of his earnings to charity.