Bob Arum Net Worth: How This Boxing Promoter Made This Much of Money

Robert Arum was born on the 8th of December, 1931, in Brooklyn, New York City, and raised there. Growing up in Crown Heights as the son of an orthodox Jewish family, Bob went on to attend high school in New York before enrolling at Harvard Law School. During this time period, he referred to several of his Harvard peers as “snooty,” and he concentrated intensely on his studies as well. Eventually, he received his summa cum laude and immediately began his legal career in New York.

Bob Arum’s Net Worth

Mr. Bob Arum is a professional boxing promoter with a net worth of $300 million, according to Forbes magazine. In addition to being the founder and CEO of the boxing promotion firm Top Rank, Arum has also worked as an attorney for the United States Attorney’s Office for the Southern District of New York since 1989. He moved into the boxing industry after leaving law school and became extremely successful in this field.

Choosing Legal Career of Bob Arum

When John and Robert Kennedy were assassinated in the 1960s, Arum found himself working in the Kennedy administration as an attorney in the Department of Justice. However, after both John and Robert were killed, Arum changed his practise field.

Read more: Jessica Biel Net Worth: Why Is Jessica Biel So Wealthy?

Afterwards, Bob found himself working as an attorney for a number of Wall Street businesses, including Phillips, Nizer, and Krim & Ballon, among others. His inquiry into the specifics of Kennedy’s assassination culminated in him assisting his senior partner Louis Nizer in the creation of the Forward to the Warren Commission Report during this time period. Arum, on the other hand, was well aware that a legal career would not be a good fit for him because he was witnessing far too many fatalities on a regular basis.

bob arum net worth

While working for the Justice Department, he witnessed the assassinations of Robert and John Kennedy, as well as the high-profile suicide of Floyd Cramer in 1963, which led him to choose a different path in life. Before committing suicide, Cramer, the head of the Washington Heights Savings and Loan Association, had been indicted for conducting a mortgage tax avoidance scheme, which had been discovered soon before his death. Afterwards, Arum remarked that this experience convinced him that he was not “cut out to be a prosecutor.” Having said that, Bob continued to practise civil law until 1979, during which time he also ventured into the realm of boxing promotion and management.

Career of Bob Arum as a boxer:

Getting involved in the boxing industry as early as 1962 was a good start for Arum, but at the time he was just assigned by the Department of Justice to confiscate the earnings of a fight between Sonny Liston and Floyd Patterson. This opportunity allowed him to meet Lester M. Malitz, a pioneer in the field of closed-circuit television who was also working as a boxing promoter at the time. Arum then took over the role of Malitz’s attorney. It wasn’t long before Bob found himself in the position of boxing promoter. Arum visited with boxing promoters such as Jim Brown and Muhammad Ali, who taught him how to be a more effective promoter of the sport.ॉ

Eventually, Bob was promoted to vice president and secretary of Ali’s promotion firm, Main Bout, where he has remained since. The first few years of the company’s existence, Bob shared management with two other men: Mike Malitz, the son of Lester Malitz, and Jim Brown. Bob had gathered the requisite expertise during the 1980s to establish himself as a highly powerful person within the boxing community. He was the mastermind behind some of the most memorable fights in the sport’s history, including Marvin Hagler vs. Roberto Durán and Hagler vs. Thomas Hearns. In 1989, he was the producer of the infamous rematch between Thomas Hearns and Sugar Ray Leonard, which became famous worldwide.

Read more: Jimmy Savile Net Worth: What Happened to Jimmy Savile’s Rolls Royce?

During the 1990s, he worked extensively with fighters who were well-known at the time, including Michael Carbajal, Oscar De La Hoya, Manny Pacquiao, and Erik Morales, among others. Arum has concentrated his efforts mostly on Hispanic competitors in recent years, claiming the enormous popularity of boxing in the Hispanic population as a reason for this. A high number of his performances are staged in cities with large Spanish-speaking populations as a result of this. Miguel Cotto, Antonio Margarito, and WBC super featherweight world champion Oscar Valdez are among the boxing stars who have appeared on his show in recent years. When Bob Arum was formally admitted into the International Boxing Hall of Fame in 1999, it was a momentous occasion.

bob arum net worth

Controversy Related to Bob Arum

Arum has been embroiled in a slew of controversy throughout his professional life. As a result of his rise to notoriety, he became a competitor of Don King, another great boxing promoter. In addition to their many disagreements over the years, he and Dana White have also had their fair share. A bribe of $200,000 in two instalments was paid to IBF president Robert W. Lee in exchange for the approval of a fight, and he confirmed doing so in 2000. As a result of his evidence, Arum was simply sanctioned and fined by the Nevada State Athletic Commission, however Lee was charged on charges of racketeering and conspiracy to commit fraud.

Oscar De La Hoya won his lawsuit against Arum in 2001 and was subsequently released from his contract with Top Rank as a result.

The FBI conducted a raid on Top Rank’s office in Las Vegas in 2004 to gather information. At the time, Arum was on vacation, and the FBI was supposedly investigating rumours that Top Rank was planning to fix an upcoming fight while Arum was away. The investigation was completed in 2006, and no charges were made as a result.

Floyd Mayweather Jr. accused Arum of underpaying him and manipulating him throughout the early years of his professional boxing career in a 2007 lawsuit. The following day, Floyd declined to speak on the matter.

Read more: Harrison Ford Net Worth: How He Amassed This Money

Arum once filed a lawsuit against HBO for attempting to become a boxing promoter and for attempting to eliminate his business. Bob stated that HBO made a mistake by dropping Mayweather from an exclusive arrangement, and the case was resolved without the need for a court hearing. Arum continued to gripe about HBO and claimed that boxing promoters didn’t require the network after the lawsuit was eventually settled out of court, but the network refused to back down.

eddie hearn net worth

Arum accused the state of California of being racist in 2009 after the state revoked boxing champion Antonio Margarito’s boxing licence owing to the use of prohibited hand wraps. In the same year, he was accused of being racist after referring to UFC supporters as “skinheads” in a statement.

Leave A Reply

Your email address will not be published.