Washington:The man dubbed Iron Mike Tyson has finally decided that he's far too rusty to be fighting anymore. Thirty-eight-year old Tyson announced his retirement after a loss to Kevin McBride on Saturday. While the result was expected, his decision was not for the former heavyweight champion had not won a major fight for almost a decade. What's more, he was only motivated to continue because he needed to pay off his debts. Blazing start Tyson started his career with people touting him as the next Rocky Marciano or Jack Dempsey or Muhammad Ali. However it didn't end in a blaze of glory. Instead, Tyson quit in the seventh round of his fight against McBride. But not before he tried breaking his opponent's arm and head-butting him. The 38-year-old earned $5 million, not much considering his career prize money once totalled $300 milllion. But now he's about $30 million in debt. "This is a great sport. This is a sport that took men with pretty humble lives and put them in a position to rub shoulders with royalty. I am not going to embarrass the sport anymore," said Tyson. Embarrassing record However, Tyson has done as much as he could to embarrass the sport and himself. In a famous incident, he tried to bite rival Lennox Lewis' ear at a press conference. On an earlier occasion, he bit Evander Holyfield's ear and threatened to eat his children. He also spent three years in jail for rape. The man clearly does not have a profile that would make him suitable for missionary work, but that's what he's got his mind set on. "There was some Christian missionary work that was interested in letting me come to Bosnia or Rwanda to go to various different countries to help with AIDS and food for people who are in dire need," Tyson said. Controversial fighter Tyson was the youngest world heavyweight champion at 21, but then five years later, he sensationally lost his crown to Buster Douglas. Though he finished with an impressive record of 50 wins and just six losses, his last major fight was against Lennox Lewis in 2002 when the British boxer knocked him out in the eighth round and later said that the win over Tyson completed his legacy. With Tyson taking a bow from the game, boxing will lose a controversial and celebrated fighter no doubt.