It was Nintendo of America president Minoru Arakawa who decided to pursue a deal with Mike Tyson to use his name and likeness for the US release of Punch-Out!!. He believed that Tyson's name would help sell the game to customers still wary of the video game market after its crash only a few years earlier.

Although Tyson had not yet won a championship, Arakawa had attended one of his matches and was impressed with his power and skill. This gamble would pay off well, as Tyson would go on to win his first title fight against Trevor Berbick for the World Boxing Council (WBC) heavyweight championship, making him the youngest heavyweight champion in history. Mike Tyson's Punch-Out!!! would sell more than a million copies before the licensing deal expired.