Mike Tyson has filed for bankruptcy in the US Bankruptcy Court in a bid to resolve his financial problems.
The former world heavyweight champion has earned hundreds of millions of pounds during his fighting career but is believed to have squandered his fortune.
Tyson's attorney Debra Grassgreen told the BBC: "As a professional fighter who relied on others to manage his affairs, he discovered that his debts far exceeded his assets.
"Now he has taken the lead in bringing order to his financial affairs."
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Tyson is attempting to recoup money he claims he is owed by promoter Don King in a $100million lawsuit.