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Don is King of boxing
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November 11, 1996: 7:34 p.m. ET
Holyfield-Tyson fight a knockout for the business, controversial promoter
From Correspondent Casey Wian
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LAS VEGAS (CNNfn) - The heavyweight fight between Evander Holyfield and Mike Tyson was a financial knockout for boxing, and biggest winner of the night may have been the man who controls the business, Don King.
Saturday's bout likely set a pay-per-view record, and King now holds the promotional rights to both fighters. The anticipated rematch will certainly be the most lucrative fight in boxing history. (775K QuickTime Movie)
"This is all big business, you know what I mean? This is generating hundreds of millions of dollars of business," said Don King.
Not bad for a man who once did time in prison for manslaughter, and whose trial on insurance fraud ended in a hung jury.
King's reign suffered while Mike Tyson, his biggest draw, was in prison. But now King's back on top.
"Prior to Mike Tyson, we were generating close to $100 million a year. Now, Mike Tyson generates $100 million a fight," said Don King.
King and Tyson have a six fight deal with the MGM-Grand Hotel in Las Vegas, and it's made King one of the casino's largest shareholders.
King's deal with the MGM-Grand includes a $15 million interest-free loan to buy more than 600,000 shares of stock in the hotel-casino. Also part of the deal is a guarantee that stock will double in value by 1998.
MGM-Grand President Alex Yemenidjian negotiated the often criticized agreement and said he is proud of it. (84K WAV) or (84K AIFF)
If the stock hits its target, the MGM-Grand will reap rewards of six Tyson fights for free.
King is now diversifying, promoting country music and fights in Nashville. He wants more corporate sponsorship, especially for his female champion, Christy Martin.
"She's (Christy Martin) voluptuous and intoxicating … no smear lipstick. Here's a woman who pounds it out and her lipstick don't smear. Revlon should jump on that like white on rice, you know what I mean? Max Factor, Elizabeth Arden," said King.
King says he can help companies globalize.(903K QuickTime Movie) The Tyson-Holyfield undercard included fighters from a half-dozen nations.
Many companies have shied away from boxing because of its unsavory image. Saturday's thriller may have changed that, and if so, the man who stands to profit most is Don King. 
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