Bob Arum’s Net Worth: The Life and Career of the Boxing Promoter
Bob Arum is a professional boxing promoter known for being the founder and CEO of Top Rank, a successful boxing promotion company. Arum has an estimated net worth of $300 million, making him one of the richest people in the boxing industry. In this article, we will explore Bob Arum’s life and career in more detail.
Early Life and Legal Career
Robert Arum was born on December 8, 1931, in Brooklyn, New York City. He grew up in an orthodox Jewish household in Crown Heights and attended high school in New York before going to Harvard Law School. Arum was a dedicated student and graduated summa cum laude. After graduating, he worked in the US Attorney’s Office for the Southern District of New York.
Arum switched to civil law and worked for several Wall Street firms, including Phillips, Nizer, and Krim & Ballon. During this period, he conducted research into the details of John F. Kennedy’s assassination, eventually helping his senior partner Louis Nizer create the Forward to the Warren Commission Report.
However, Arum decided that a legal career wasn’t for him, as he was witnessing far too many deaths on a regular basis. The high-profile suicide of Floyd Cramer in 1963, the president of Washington Heights Savings and Loan Association, had been indicted for running a mortgage tax evasion scheme shortly before his suicide, convinced him to explore other career options. Bob continued to practice civil law until 1979 while simultaneously venturing into the world of boxing promoting.
Arum became involved in the boxing industry in 1962 when he was assigned by the Department of Justice to confiscate proceeds of a fight between Sonny Liston and Floyd Patterson. He met Lester M. Malitz, a CCTV pioneer who was working as a boxing promoter at the time. Arum then became Malitz’s attorney. It wasn’t long before Bob had become a boxing promoter himself. Arum met with figures like Jim Brown and Muhammad Ali, who taught him how to become an effective boxing promoter.
Eventually, Bob was given the role of vice president and secretary of Ali’s promotion company, Main Bout. During the 80s, Bob had gained the necessary experience to become a highly influential figure within the boxing world. He organized many of the sport’s most memorable fights, including Marvin Hagler vs. Roberto Durán and Hagler vs. Thomas Hearns. In 1989, he produced the famous rematch between Thomas Hearns and Sugar Ray Leonard.
During the 90s, Arum worked heavily with well-known fighters like Michael Carbajal, Oscar De La Hoya, Manny Pacquiao, and Erik Morales. In the 2010s and beyond, Arum focused mainly on Hispanic fighters, citing the immense popularity of boxing in the Hispanic community. As a result, many of his shows are held in cities with large Spanish-speaking populations. His most recent boxing stars include Miguel Cotto, Antonio Margarito, and WBC super featherweight world champion Óscar Valdez. In 1999, Bob Arum was officially inducted into the International Boxing Hall of Fame.
Bob Arum’s Net Worth
Bob Arum has a net worth of $300 million, making him one of the richest people in the boxing industry. Arum’s success can be attributed to his decades-long career in boxing promotion, during which he has organized some of the sport’s most iconic fights. He founded Top Rank in 1973, which has become one of the most successful boxing promotion companies in the world.
As with any high-profile figure in the world of sports, Bob Arum has not been without his share of controversies. One of the most notable examples occurred in the year 2000 when he admitted to paying a bribe to the president of the International Boxing Federation in order to approve a fight. Arum was fined and sanctioned by the Nevada State Athletic Commission, while the president was indicted for racketeering.
In 2001, Arum was sued by boxer Oscar De La Hoya, who accused him of breach of contract and fraud. The lawsuit was settled out of court, with De La Hoya receiving a reported $30 million.
Despite these controversies, Bob Arum’s net worth continues to grow. Today, he is considered one of the most successful and influential figures in the world of boxing, with a career spanning more than six decades.
In conclusion, Bob Arum is a boxing promoter and businessman who has had a major impact on the sport. He has organized some of the biggest fights in history and helped launch the careers of many top fighters. Despite his share of controversies, he has managed to build a net worth of $300 million, making him one of the wealthiest figures in the world of sports. With his legacy firmly established, it’s clear that Bob Arum’s influence on the world of boxing will be felt for generations to come.