What is Bob Arum's Net Worth?
Bob Arum is a professional boxing promoter with an impressive net worth of $300 million. Arum is the founder and CEO of the boxing promotion company Top Rank. Initially, he worked in the US Attorney's Office for the Southern District of New York before venturing into the boxing industry, where he achieved great success.
Early Life
Robert Arum was born on December 8, 1931, in Brooklyn, New York City. Raised in an orthodox Jewish household in Crown Heights, he attended high school in New York before enrolling at Harvard Law School. Arum graduated summa cum laude and began his legal career immediately afterward.
Legal Career
Arum's legal career began in the Kennedy administration's Department of Justice. After the assassinations of both John and Robert Kennedy, he moved to Wall Street, working for several firms including Phillips, Nizer, and Krim & Ballon. During this time, he contributed to the Warren Commission Report on Kennedy's assassination. Witnessing many high-profile deaths, including the suicide of mortgage tax evasion scheme indicted Floyd Cramer, convinced Arum that legal practice was not his true calling. Nevertheless, he continued to practice civil law until 1979, while starting to explore boxing promotion.
Boxing Career
Arum’s entry into boxing began in 1962 when he was assigned by the Department of Justice to confiscate proceeds from a fight between Sonny Liston and Floyd Patterson. This encounter led him to meet CCTV pioneer and boxing promoter Lester M. Malitz, becoming his attorney. His understanding of the industry grew from interactions with figures like Jim Brown and Muhammad Ali.
Eventually, Arum became vice president and secretary of Ali's promotion company, Main Bout, sharing control with Mike Malitz and Jim Brown. By the 1980s, Arum had organized many significant fights, such as Marvin Hagler vs. Roberto Durán, and Hagler vs. Thomas Hearns. In 1989, he produced the famous rematch between Thomas Hearns and Sugar Ray Leonard.
In the 1990s, Arum promoted many renowned fighters like Michael Carbajal, Oscar De La Hoya, Manny Pacquiao, and Erik Morales. In the 2010s, Arum focused on Hispanic fighters, reflecting the sport's popularity in the Hispanic community. Recent stars include Miguel Cotto, Antonio Margarito, and WBC super featherweight champion Óscar Valdez. Arum was inducted into the International Boxing Hall of Fame in 1999.
(Photo by Ethan Miller/Getty Images)
Controversy
Arum's career has not been without controversy. As a major rival of Don King and having disagreements with Dana White, Arum faced significant challenges. In 2000, he admitted to bribing IBF president Robert W. Lee with $200,000, leading to a sanction and fine by the Nevada State Athletic Commission. In 2001, Oscar De La Hoya successfully sued Arum, terminating his contract with Top Rank.
In 2004, Arum’s Las Vegas office was raided by the FBI, alleged to be investigating a planned fight fix. The case closed in 2006 without charges. In 2007, Floyd Mayweather accused Arum of underpaying and exploiting him early in his career, later refusing to comment further. Bob Arum once sued HBO for trying to become a boxing promoter and eliminating his business. The lawsuit was settled out of court.
Arum faced accusations of racism in 2009 when he criticized the state of California for revoking Antonio Margarito's license due to illegal hand wraps and called UFC fans "skinheads."
