Mike Tyson is expected to dump promoter Don King today during a news conference at the Gund Arena in Cleveland, where he will read a prepared statement but will answer no questions from reporters.
Several of Tyson's friends have said in recent weeks that little remains of the $60 million to $70 million the former heavyweight champion earned in the ring. One report said Tyson was worth $30 million when he went into prison, but he now has less than $1 million left. After serving three years of a sentence for rape, Tyson has decided it's time to hold King accountable.
"It's a done deal," one source in contact with Tyson said of King's impending ouster. Not only is Tyson cutting King loose, but he also may seek to recover some of the fortune that vanished during his time in jail.
Co-managers Rory Holloway and John Horne are expected to be retained by Tyson, who yesterday visited his probation officer in Youngstown, Ohio, for the first time. The boxer has indicated he will take some time to listen to various proposals before choosing a promoter.
"He gave me his word that he would have me come out and go over my proposal before he makes any commitment," promoter Butch Lewis said.