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Mike Tyson has filed suit against concert promoter, Live Nation, alleging to have been the victim of embezzlement. The former boxing champion is seeking more than $5 million in damages.

Tyson claims that Live Nation and its advertising company, SFX Financial Advisory Management Enterprises, embezzled upwards of $300,000, costing him millions in the end. Live Nation allegedly paid some of the money back to Tyson and his wife, but never gave the couple a full detail of how much they are owed, and tried to get them to sign a non-disclosure agreement.

According to the suit, the alleged criminal acts of Live Nation and SFX forced Tyson to hire new advertisers, prevented him from taking on other lucrative contracts,  and halted his climb out of bankruptcy. He is accusing that both companies “misappropriated said funds for the benefit and enrichment of SFX/Live Nation.”

Live Nation denies being served with any legal paperwork, and would not comment on the case.

In his prime, Tyson’s earned well over $250 million but years of frivolous spending and bad business deals devoured his fortune. Today he is worth a reported $1 million, and has found other ways to bring in money. Aside from appearing in the film The Hangover, the Brooklyn native premiered a one-man Broadway show, Mike Tyson: Undisputed Truth.


Photo: AP