Former world heavyweight champion Mike Tyson has filed for protection in the US Bankruptcy Court, claiming his finances are in disarray.
Tyson has not fought since beating Clifford Etienne in February
Tyson is said to have squandered nearly $300m in ring earnings through lavish spending and bad advice.
"As a professional fighter who relied on others to manage his affairs, he discovered that his debts far exceeded his assets," Tyson's attorney Debra Grassgreen said.
"Now he has taken the lead in bringing order to his financial affairs."
The 37-year-old spent extravagantly on mansions, Bentley cars, jewellery, and even pet Bengal tigers while buying expensive gifts for his large entourage.
Tyson has a $100m lawsuit pending against promoter Don King based on the fighter's claims that King cheated him out of millions after he got out of prison in 1995.
Earlier this year, as part of a divorce settlement, Tyson agreed to pay his ex-wife $6.5m from future earnings.
In addition to his financial problems, Tyson could be facing another spell in prison.
He has pleaded not guilty to charges of misdemeanour assault, harassment and disorderly conduct in relation to an attack on two men at a Brooklyn hotel in June.