Heavyweight boxer David Tua is believed to have walked away with more than half the $7.5 million at stake in his protracted court battle against his former managers.
The settlement came after lawyers for Tua and former Tuaman Inc managers Kevin Barry and Martin Pugh met in the High Court
at Auckland this week in an attempt to avoid a trial, scheduled for next year.
The Weekend Herald understands that after millions of dollars in legal costs were deducted, the amount left to be divided between the parties was about $7.5 million.
Tua owned half the shares of Tuaman Inc, and Pugh and Barry each owned 25 per cent.
It is not known what effect this week's settlement will have on Tua's finances.
His wife, Robina, told the Weekend Herald in March last year that the fighter was about $5 million in debt.
Of this, about $3.8 million was legal bills.
Tuaman Inc's biggest asset was a beachfront Pakiri property which it sold almost four years ago for $10.25 million to the Auckland Regional Council for use as a park.
Money from the sale was held in trust at the direction of the court.
But on Tuesday, after two days of negotiations held in chambers and - closed to the public and media, all matters in the six-year battle were resolved.
It is understood Tua had wanted to continue the court battle, but he faced up to two more years of litigation and the possibility any gains would be consumed by legal fees.
Documents from earlier hearings show Tua made about $20 million in his career, including about $5 million from his losing 2000 world heavyweight title bout against Lennox Lewis.
It is understood Tua took into account the effect of the court battle on his family, the financial pressure he has been under - he has had to borrow to live, and was in debt - and the need to concentrate on his renewed boxing career.
Barry, a former Olympic boxing silver medallist who now lives in Las Vegas, has in recent weeks expressed a desire to work with Tua again, and yesterday Pugh was also open to a reconciliation.
"I believe I can get the best for him ... especially if he is going to go and win the world title," Pugh said.
Pugh would not discuss details of the settlement when contacted at home in Sydney, but said he was pleased the matter had been put to rest.
"There's nothing I can say about that [the settlement] ... It's just sad that it had to take this many years."
Tua had acted like "a gentleman" at this week's hearing, Pugh said. He himself "wasn't the thieving white person" some people thought he was.
But Tua's friend and co-defendant Va'aiga Tuigamala yesterday ruled out the possibility of Tua working with Pugh and Barry again.
"I don't think David was ever going to do that."
David Tua is reviving his career. Photo / Dean Purcell
Heavyweight boxer David Tua is believed to have walked away with more than half the $7.5 million at stake in his protracted court battle against his former managers.
The settlement came after lawyers for Tua and former Tuaman Inc managers Kevin Barry and Martin Pugh met in the High Court
AdvertisementAdvertise with NZME.