After winning 35 straight fights, Mike Tyson had to settle for a draw.
The undefeated heavyweight champion had filed a lawsuit to sever his contracts with manager Bill Cayton and gain control over his financial affairs. Following an out-of-court settlement Tuesday, Cayton is still his manager.But, as Tyson boasted, "I'm running the show now."
Cayton will remain Tyson's manager until Feb. 11, 1992, but his share of the fighter's income will be greatly reduced.
"He's employed by me. Before, it was the other way around," Tyson said during a news conference attended by the fighter's wife, Robin Givens, mother-in-law Ruth Roper, adviser Donald Trump, Cayton and lawyers for both sides.
As Tyson spoke, Givens and Roper applauded. Cayton sat stonefaced with his arms crossed.
Frank Bruno, scheduled to fight Tyson at London's Wembley Stadium on Sept. 3, did not attend. But the British boxer probably wasn't smiling either after learning that the bout has been postponed.
Tyson said he is taking six to eight weeks off because "I just don't want to fight right now." However, he said the Bruno fight could take place later this year.
Under their new agreement, Cayton's share of Tyson's boxing income drops from 33 percent to 20 percent while his cut of the champion's future commercial endorsements falls from 33 percent to 10 percent. Cayton will receive 16.7 percent of the income Tyson gets from existing commercial contracts.
Tyson also gained the right to veto any proposed fight, control of the hiring of a trainer and the right to have an accountant review "all revenues past, present and future." The fighter had accused Cayton of hiding financial information from him.