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Boxer Mike Tyson Declares Bankruptcy - 2003-08-03

Former heavyweight champion Mike Tyson has declared bankruptcy. His attorney says "Iron Mike" was floored financially due to his own free-spending ways and poor financial management of others.

Tyson lawyer Debra Grassgreen says her client filed for Chapter 11 protection Friday in U.S. Bankruptcy Court in New York.

The 37-year-old Tyson spent much of his $300 million fortune on luxury homes, cars, jewelry and posh gifts for his entourage, after becoming the youngest heavyweight champion in history at only 20. A hefty chunk of Tyson's earnings also went to promoter Don King. Tyson has sued King for $100 million.

The lawsuit is due to go to trial next month and claims King Cheated Tyson out of the funds after he was released from prison in 1995. Tyson had served three years on a rape conviction at that time before re-entering the ring for the promoter.

Last month, Tyson pleaded not guilty to misdemeanor assault, harassment and disorderly conduct charges for a June 21 incident outside a Brooklyn, New York, hotel. Tyson's attorneys claim his actions were justified because the two men allegedly bothered the boxer by telling him they were armed. Prosecutors contend the assault went too far.

If convicted, Tyson faces up to a year behind bars on the latest accusations.