Tyson Rejects Offer for a $40-Million Buyout

Heavyweight champion Mike Tyson says he has rejected a request from Manager Bill Cayton for $40-million to buy out their contract, the New York Daily News reported Sunday.

“I told him I wouldn’t even think of it,” Tyson told the newspaper.

Late last week, Tyson and Cayton reached an interim agreement on dividing the purse from Tyson’s title defense against Michael Spinks on June 27 at Atlantic City, N.J.

Tyson gets $10 million, Cayton $5 million and trainer Kevin Rooney $1.5 million.

Tyson is suing Cayton to break his contract with the manager, and both sides said meetings will continue this week aimed at an out-of-court settlement.

Last Thursday, after hours of conferences and meetings in the courtrooms and hallways of the New York County Courthouse, lawyers said they moved closer to an overall agreement.

Although disagreeing on much, lawyers for the two sides agreed that a settlement might be possible.

Cayton and Tyson met for 80 minutes Thursday, the first discussion they’ve had since Tyson knocked out Spinks in 91 seconds. One subject that did not come up much was the scheduled Sept. 3 fight with Frank Bruno in London. That is next on the agenda.