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“Nobody Got a Chain on Me”: Mike Tyson Comes Clean on Why He Went Broke

Published 02/02/2023, 10:15 AM EST

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Boxing legend Mike Tyson was one of the few people who managed to garner success early in life. The former heavyweight champion was only 20 years old when he reached the pinnacle of the sport which also saw him getting unparalleled fame and money. However, this would eventually lead to the downfall of ‘Iron’ Mike as he would struggle in dealing with this fame and money.

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Moreover, Tyson even detailed how he wanted to spend every penny he earned during this time the moment he got it. Although, this would turn out to be catastrophic for Iron Mike later at the time he had no one guiding him on how to grow his fortune.

Mike Tyson reveals how he never kept any money in banks


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On his podcast Hotboxin’, Tyson along with Loud Music founder Steve Rifkind, revealed how much he earned as a boxer during the 80s. However, he had no one to control his spending and advise him on financial matters. Moreover, ‘Iron Mike’ even refused to listen to the people trying to advise him and wanted to blow away all his wealth.

A guy like me back then I was making 20-18 million dollars. So I am doing whatever I want and I don’t have, nobody got a chain on me and said hey Mike come back that’s a little bit too much. Hey Mike, come back Mike let’s save for the future. They said that but I didn’t wanna hear that. I don’t wanna put my money in no damn bank. You crazy? I wanted it in my house just blow it all every second of it,” he said.


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Tyson accumulated over a $400 million net worth during the end of his career. However, he was forced to declare bankruptcy in 2003 and lost every penny of his multi-million dollar fortune.

A look into how Tyson lost his entire fortune


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There were many reasons why Tyson lost his fortune many of which include uncontrolled spending. The former champion had several multi-million dollar mansions fully furnished with luxury items. Moreover, he also had a collection of super luxury cars along with three pet tigers that costed him millions of dollars to take care of.

via Imago

In addition, Tyson also accused his manager at the time, Don King of not paying him his fair share from fights. He also sued the promoter for $100 million for defrauding Tyson of his earnings. However, he has bounced back since then after his acting career took off. Now he runs a successful podcast and is also involved in various other businesses.


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Written by:

Sahil Sood


One take at a time

Sahil Sood is a Boxing writer at EssentiallySports. He earned his Bachelor’s degree in journalism and mass communication, and holds a keen interest in the 'sweet science'. His journey towards following boxing began when he first saw the highlights of Mike Tyson as a teenager, and then closely followed the rise of Floyd Mayweather.
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Edited by:

Shibu Immanuel