Buster Douglas

he was bamboozled, that's how.

 

Never hired an accountant that can help?

 

that's why it's not enough just to be a good fighter. u need a team of trustworthy ppl.

 

Damn that Uppercut he got caught with from Tyson must have scrambled a few brain cells!

 

Unreal how these prize fights earn certain guys no cash. See Don King "Look at my magic briefcase" in yer nearest Funk n Wagnallls

 

Watch The Harder They Fall starring Humphrey Bogart for your answer.

 

The promoter probably offered to let Douglas use HIS accountant, and lawyer.
You know, "to save Douglas some money." :roll:


I LOVE America !

 

He got $25 mil back in the early 90s? Sheesh.

 

think he might be exagerating. buster still lives like a king

 

Yup. Holyfield was due to get $30M for the Tyson fight in November 1991.

 

It starts with the IRS -- same way Joe Louis ended up broke and in debt to Uncle Sam.

Say the fighter makes $1 million for a fight. Generally his manager gets a third and trainer probably 10 percent. That's 43 pervcent.

Oh, by the way, he owes taxes on the whole million. That's a 35 percent tax bracket -- so the fighter owes:

$333,333 to the manager
$100,000 to the trainer
$350,000 to the government
----------

$783,333

and keeps the rest.

Now any fighter in that stratosphere -- and that's less than one percent of all boxers -- can set himself up as a corporation, renegotiate the percentages with the manager and trainer, work a contract where the manager and trainer are paid directly by the promoter so he doesn't show income for money he only possesses for enough time to stroke the check to them, etc., etc. But few actually get sound advice and fewer still follow that advice on such matters.

 

Ive heard some damn ridiculous shady contract stuff
from Don King and when that much money is on the
table people are gonna do their best to get a piece.
But I figured douglass cleared 5 to $10 million. Lawyers
Accountants, promoters, other people behind the scenes
can all be money hungry scumbags. But the training and
performance that Buster put on, a million in 1990 aint bad at
all.

 

Your on the money on that one. Its a shame that not many fighters do that and end up pennyless.