Promoter Don King sent a letter Saturday to representatives of Buster Douglas offering the heavyweight champion $20 million plus incentives to fight Evander Holyfield.
John Solberg, the director of media servies for Don King Productions, said Douglas was also offered 50 percent of the gross revenue in excess of $34 million.The letter was delivered to Douglas' people Saturday afternoon, and they were studying the offer.
Douglas returned to the ring this week to keep in shape for an eventual title defense.
He opened workouts at a local fitness center in his hometown of Columbus, Ohio, Monday night despite not knowing whom, where or when he is fighting next. Douglas gained the undisputed heavyweight title Feb. 10 in Tokyo when he knocked out Mike Tyson.
He is hoping to fight Holyfield, the No. 1 challenger, sometime in September. But a legal wrangle with King has put Douglas' plans on hold.
Douglas' attorneys have done most of his fighting since he surprised Tyson in the 10th round of their title fight. Douglas had signed two contracts with King - one on Dec. 31, 1988, and another prior to the Tyson fight - giving King exclusive rights to promote Douglas' fights if Douglas were to become the champion.
But Douglas has sued to invalidate those contracts, saying that King has not acted in the fighter's best interests. Douglas has said that King breached the contracts by not scheduling him for four fights in 1989 as promised. His suit also alleges that King urged boxing's ruling organizations to withhold their recognition of Douglas' victory.