Mike Tyson issues statement after being sued for $1,600,000 over Jake Paul fight

Mike Tyson's representatives have released a statement after he was sued following his fight with Jake Paul.

Tyson, 58, made his professional boxing comeback last month against YouTuber-turned-boxer Paul at AT&T Stadium in Texas.

The former heavyweight world champion looked a shadow of his former self and was easily beaten on points by Paul, who later admitted he held back in the final rounds.

Despite the disappointment of the headline fight, it was one of the most-watched boxing events in history as it was streamed on Netflix for no additional cost to subscribers.

Tyson is estimated to have banked around $20m (£15.6m) from the fight, while Paul is believed to have earned as much as double that fee.

But the heavyweight legend now faces the possibility of losing a percentage of his earnings.

Tyson is being sued in a London court for nearly $1.6 million (£1.25m) for allegedly breaking a deal to promote a gambling company after agreeing to fight Paul.

Medier, a Cyprus-registered company that promotes online casino and betting company Rabona, is suing Tyson his company Tyrannic for allegedly reneging the deal.

Reuters report that the deal was allegedly agreed in January before being terminated in March.

The lawsuit, filed at London's High Court in October, says Tyson cancelled the deal on the same day his fight with Paul was announced because Medier breached their agreement with the fighter.

Medier's lawyers, however, argue its actions did not constitute a breach of the deal and that Tyson's actions resulted in huge financial losses for the company.

"The true reason for Mr Tyson and Tyrannic's hasty and unlawful termination was because Mr Tyson had agreed a deal, sponsored by Netflix, to fight the influencer Jake Paul," Medier's lawyer said in documents made public on Friday.

Mike Tyson is being sued in the UK (Image: Getty)

In response, Tyson’s representatives released a statement to The New York Post.

"It is the company’s position that Medier, Ltd. materially breached the terms of its license agreement on multiple occasions and in various ways," read the statement.

"As such, Tyrannic, LLC was well within its legal and contractual rights to terminate the license agreement for material breach in an effort to mitigate additional reputational harm to the Tyson brand."

It's not the only legal battle surrounding the Paul vs Tyson event.

A Florida man named Ronald 'Blue' Denton filed a class-action lawsuit against Netflix over the poor streaming quality that affected millions of viewers, seeking damages of at least $50 million (£39m).

Paul himself addressed Netflix crashing in his post-fight presser, commenting: "Netflix crashed, yeah, but shout out to the Netflix engineers we love you, they fixed it right away."