A US bank's refusal to issue a letter of credit (L/C) put the brakes on the much-vaunted world heavyweight title fight between boxers Mike Tyson and Lennox Lewis. Promoters hoped last week to be able to confirm the fight would be held on 8 June 2002 in Memphis but had to backtrack after a local bank refused to issue the L/C for a US$12.5 million site fee.

Moral issues

Memphis promoters had appeared to have the fight in hand, but the First Tennessee Bank refused to issue a L/C for the site fee, citing "moral Issues". Local promoter Brian Young told reporters he subsequently tried a number of other banks but failed to find one prepared to support the bout.

"We were going to announce the deal," Young said last week. "It has been agreed upon in principle. What happened was my partner went to the bank and they said they had an emergency board of directors meeting and declined to issue the L/C based on a moral issue."

Legal action

Tyson's extended catalogue of antics most recently includes a brawl and outburst at the January news conference at which his fight with Lewis was first announced. Nevada boxing officials in January denied Tyson a license to fight in the state, thereby derailing earlier plans for the fight to be held in Las Vegas in April.

Young said he was contemplating legal action against the bank, which has not publicly commented on why it didn't issue the L/C.

Still no L/C

The promoters formally announced the fight on Monday 25 March, just before a deadline by the International Boxing Federation to strip Lewis of its version of the heavyweight title if he did not sign to fight either Tyson or number one contender Chris Byrd.

Those close to the negotiations said the Memphis promoters still had not come up with the US$12.5 million L/C and may not be involved with the fight. The money obstacle was reportedly overcome when Tyson's camp agreed to take its money only after the Lewis camp was paid.

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