BoxRec

Boxer Riddick Bowe files for Chapter 11
Former two-time world heavyweight boxing champion Riddick Bowe filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Maryland in Greenbelt.

According to a statement released Monday by Bowe's attorney, Paul Nussbaum, of the Baltimore law firm Whiteford, Taylor & Preston, the filing was "driven primarily by alleged obligations related to business transactions and related litigation, and liquidity issues."

The intent, according to the statement is to allow Bowe to deal with his finances while allowing him to focus on his boxing career. After more than seven years away from boxing, Bowe began his comeback in late 2004, according to his lawyer's statement.

Bowe, who lives in Fort Washington, Md., is famous for his trilogy with Evander Holyfield and is also a three-time New York Golden Gloves Champion.

Bowe has a record of 42 wins and 1 loss, with 1 no-contest, and 33 knockouts, according to his attorney's statement.

According to court records, a company called Commerce Funding Corp. says Bowe owes that company $3 million. Bowe is disputing that claim as well as a claim that he owes $18,000 to Sandground New & Lowinger PC in Vienna, according to court documents.

Other creditors claiming that Bowe owes them money include lesser numbers and involve companies such as those that sell phone service and insurance.

i also read he has assets in advance of 5.3 million so reckon he will still have some left over.

I don't like the fact that he says he wants this cleared up so he can resume his boxing, anyone that saw his last fight wouldn't want him in a ring again.

I remember reading in the Observer Sport Monthly over the summer that he had £11-£12m left after his family had nicked from him. Total suprise to see he's filed for bankruptcy.

Why does this happen to boxers more so than in any other sport?

ALI wrote:Why does this happen to boxers more so than in any other sport?

When you look at the boxers and they don't have good advisers, you kind of know that there going to blow alot of the cash.
What alot of top fighters don't get is good advice, they need to invest their money to get long term returns, even music stars like Liam gallagher have taken this onboard , i read recently that Liam gets a few million a year because he invested in a good pension scheme.