As boxer Mike Tyson sues Live Nation, the athlete is alleging that a financial services firm owned by Live Nation Entertainment is responsible for significant financial losses he endured.
News Tyson sues Live Nation broke Wednesday, the day the suit was filed, and the boxing champ has some weighty allegations against the company as well as subsidiary SFX Financial Advisory Management Enterprises.
Tyson’s suit against Live Nation claims losses in the millions, and The Hangover‘s star and his wife suffered a domino effect in the millions of dollars by their account, ESPN reports:
“The lawsuit claims that Live Nation and its company SFX Financial Advisory Management Enterprises haven’t given the boxer and his wife, Lakiha, a full accounting of their losses. The company returned some of the embezzled money but wanted the Tysons to sign a nondisclosure agreement, which they refused, the suit states … The lawsuit seeks more than $5 million in damages for breach of fiduciary duty, negligent hiring, unjust enrichment and other claims.”
As Tyson sues Live Nation, the sports news network reports the advisor, Brian Ourand, is no longer with the firm cited in the suit. The Tysons allege that due to Ourand’s alleged embezzlement, the couple were prevented from reorganizing debts in bankruptcy and the boxer had to turn down several contracts that would have netted him significant payouts.
Tyson’s Live Nation suit states:
“Defendants did not secure, protect, safeguard and appropriately apply the Tysons’ finances for their intended purpose, but instead misappropriated said funds for the benefit and enrichment of SFX/Live Nation.”