PHOTO
David Tua is believed to have walked away with more than half the $7.5 million at stake in his protracted court battle with 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%.
It is not known what effect this week's settlement will have on Tua's finances.
His wife, Robina, said in March last year that the fighter was about $5 million in debt.
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 heavy weight title bout against Lennox Lewis.
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 Pugh was yesterday 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, who would not discuss details of the settlement when contacted at home in Sydney, said.
But Tua's friend and co-defendant Vaaiga 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," he said.