Heavyweight champion Mike Tyson reached an out-of-court...

Heavyweight champion Mike Tyson reached an out-of-court settlement that sharply reduces Bill Cayton’s share of Tyson’s income but allows Cayton to remain as the boxer’s manager until Feb. 11, 1992.

Tyson also announced that he won’t fight Frank Bruno Sept. 3 at London’s Wembley Stadium, as scheduled. He said the fight could take place later this year.

Under the settlement, Cayton’s share of Tyson’s boxing income drops from 33% to 20%, and his cut of the champion’s future commercial endorsements falls from 33% to 10%. Cayton will receive 16.7% of the income Tyson gets from existing commercial contracts.

Tyson also gained the right to veto any proposed fight, control the hiring of a trainer and have an accountant, of his choice, review “all revenues past, present and future.”