Bob Arum Net Worth 2022- How Much Money Did This Boxing Promoter Make?

Bob Arum Net Worth 2022- How Much Money Did This Boxing Promoter Make?

Overview

Theodore “Bob” Arum Money: Boxing promoter Bob Arum has an estimated $300 million in wealth. Arum began his career as an attorney in the US Attorney’s Office for the Southern District of New York before founding and leading the boxing promotion firm Top Rank. Bob Arum became a huge boxing star after quitting his job as an attorney to pursue his passion full-time.

Early Life

Bob Arum Net Worth

Robert Arum was born in Brooklyn, New York, on December 8th, 1931. Bob grew up in Crown Heights, New York, in an Orthodox Jewish family, and went to high school there before going to Harvard Law School. During this time, he labeled many of his Harvard peers as “snooty” and devoted himself solely to his studies. Summa cumlaude Laude eventually graduated and promptly began a legal profession.

Legal Career: 

After both John and Robert Kennedy were slain in the 1960s, Bob Arum found himself working as an attorney in the Department of Justice under the Kennedy administration.

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After that, Bob Arum worked as an attorney for several Wall Street companies, including Phillips, Nizer, and Krim & Ballon, among others. His study into the assassination of John F. Kennedy during this time eventually led to the Forward to the Warren Commission Report, which he co-authored with his senior partner Louis Nizer. It wasn’t long before Arum realized he wouldn’t be able to succeed in the legal profession because of the number of fatalities that he was witnessing.

The assassinations of Robert and John Kennedy, as well as Floyd Cramer’s public suicide in 1963, all occurred while he was working for the Justice Department. Just before his death, Cramer, the president of Washington Heights Savings and Loan, was prosecuted on charges of mortgage tax evasion. Afterward, Bob Arum remarked that he was persuaded that he was not “cut out to be a prosecutor.” This is to say that, until 1979, Bob continued to practice civil law while also dabbling in boxing promotion.

Bob Arum age

Boxing Career: 

While working for the Department of Justice in 1962, Bob Arum was already active in the boxing industry, but only to recoup money from a bout involving Sonny Liston, Floyd Patterson, and George Foreman. He was able to meet Lester M. Malitz, a pioneer in CCTV who was also a boxing promoter at the time, thanks to this encounter. Malitz’s attorney, Bob Arum , was then hired by Arum. Bob’s career as a boxing promoter didn’t take long to take off. Jim Brown and Muhammad Ali, among others, mentored Arum on how to be a successful boxing promoter.

In the end, Ali’s marketing firm, Main Bout, appointed Bob Arum as vice president and secretary. Mike Malitz, Lester Malitz’s son, and Jim Brown shared ownership of the corporation during these early years. In the 1980s, Bob had amassed the required experience to rise to the status of a major player in the boxing community. Marvin Hagler vs. Roberto Durán and Hagler vs. Thomas Hearns were two of his most memorable battles. When Thomas Hearns and Sugar Ray Leonard faced off again in 1989, he was the man behind the camera.

Many well-known boxers trained under his tutelage in the ’90s. These included Michael Carbajal, Oscar De La Hoya, Manny Pacquiao and Erik Morales. Arum has concentrated mostly on Hispanic competitors in the 2010s and beyond, noting the enormous popularity of boxing among the Hispanic population. He has a strong following in cities with big Spanish-speaking populations, as a result of this. Miguel Cotto, Antonio Margarito, and WBC super featherweight world champion Jose Valdez are some of his most recent boxing idols. After being nominated by the International Boxing Federation, Bob Arum was inducted into the Hall of Fame in 1999.

 

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Controversy: 

Bob Arum has been embroiled in several disputes during his career. Due to his meteoric ascent to fame, he became a competitor of another great boxing promoter, Don King. There have also been disagreements between him and Dana White throughout the years. When asked about the bribery allegations in 2000, he confessed to paying IBF president Robert W. Lee $200,000 over two payments. Arum was merely fined and sanctioned by the Nevada State Athletic Commission because of his testimony, but Lee was charged with racketeering.

In 2001, Oscar De La Hoya won his lawsuit against Arum and was freed from his Top Rank contract.

The FBI raided the Las Vegas office of Top Rank in 2004. Top Rank reportedly planned to rig an upcoming bout while Arum was on vacation, and the FBI is said to have investigated the allegations. No charges were made once the inquiry was concluded in 2006.

Bob Arum News

The early years of Floyd Mayweather Jr.’s career were marred by allegations that Arum exploited and underpaid him. Floyd later declined to comment on the matter.

When HBO tried to become a boxing promoter and eliminate Arum’s company, Arum sued. The case was settled out of court when Bob claimed that HBO made a mistake by dropping Mayweather from an exclusive arrangement. Even after the lawsuit was settled, Arum continued to voice his displeasure with HBO and claimed that boxing promoters were not dependent on the network.

When Antonio Margarito’s boxing license was revoked owing to unlawful hand wraps in 2009, Bob Arum charged the California state with racism. In the same year, he was accused of racism for calling UFC supporters “skinheads.”


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