CLEVELAND, Updated 11:50 a.m. June 11, 1998 -- Don King, boxing promoter, is the new owner of The Call and Post.

The local African-American weekly newspaper went on the auction block today after having several financial problems.

The paper accrued more than $500,000 worth of debt and the owners filed for bankruptcy in December of 1995.

The newspaper, which was founded in 1917, is distributed in Cleveland, Columbus and Cincinnati.