We all know Mike Tyson went bankrupt. But here are some unbelievable facts as to why this happened. All legally!
This all happened with Tyson being unfamiliar with contracts & the business. He was being taken advantage of from every angle. Try not to vomit when you read the following.
Several reports online indicate:
· Tyson was being billed to train in his own house. (est $10K + per week).
· Tyson was paying an extravagant amount of money for hand towels. (est $7K + per week).
· Several family members of boxing identities were being paid $500 K + per year to act as a consultant for Tyson & to manage fan clubs. No actual work existed according to the reports.
· Tyson made over $120M from 1995 to 1998. By 2003, he declared bankruptcy. He was legally swindled out of all his money.