Don King to Face Racketeering Charges? : Boxing: Senators are said to be studying promoter’s alleged overbilling of Tyson for sanctioning fees.

The allegation by Don King’s former chief financial officer that the promoter stole millions from former heavyweight champion Mike Tyson through improper deductions is “just the tip of the iceberg,” according to a source, who said King also might face a federal investigation on racketeering charges.

King has been beset by rumors of financial problems, a slew of lawsuits filed by some of his former fighters and Tyson serving a prison term. Now King’s empire, built on a foundation of hundreds of fight promotions over the past 20 years, appears to be crumbling.

The source, who is involved in one of the many lawsuits filed against King, indicated King’s biggest problem may be a growing Senate investigation into professional boxing, which began when Sen. William Roth (R-Del.) was outraged by a controversial decision that went against one of his constituents, Dave Tiberi, in a middleweight title fight against James Toney on Feb. 8.

Now, the source told New York Newsday, the focus of the probe has shifted to the business practices of King and the Racketeer-Influenced and Corrupt Organizations Act.

“It’s now a bipartisan probe that is looking into violations of the RICO statutes by King,” the source said. “Sen. Joseph Biden (D-Del., chairman of the Senate Judiciary Committee) has taken an active interest in this, as has Sen. Sam Nunn (D-Ga.).”

The senators are said to be studying King’s alleged overbilling of Tyson for sanctioning fees charged by the World Boxing Assn. and World Boxing Council.

Probers are said to have found King charged Tyson $300,000 in sanction fees for defenses against Frank Bruno and Carl (The Truth) Williams in 1989 and Buster Douglas in 1990, when he should have paid only $120,000 for the first two and $240,000 for the Douglas fight.

The source said the senators have yet to determine whether the extra money was taken by King or paid directly to the organizations in exchange for future favors.

King did not return phone calls from New York Newsday Sunday.

The latest allegations against King follow the revelation that Joseph Maffia, King’s former chief financial officer, has provided an affidavit to attorneys representing Bill Cayton, Tyson’s former manager, detailing how King paid large fees to members of his family and to other boxers from money improperly deducted from Tyson’s purses.

Maffia’s affidavit will be filed today in connection with a lawsuit filed by Tyson against Cayton in 1989. King is named a co-respondent in Cayton’s countersuit.

King is also being sued by Main Events Inc. of Paterson, N.J., and soon to come are lawsuits against King by boxers Tim Witherspoon and Julian Jackson.