Former world heavyweight champion Evander Holyfield believes the failure of the US boxing team can be traced back to an obsession with money.

Holyfield had predicted three golds in boxing but only heavyweight Deontay Wilder is still standing of the nine who began the tournament.

Evander Holyfield of the US speaks to journalists after arriving at the Beijing airport August 3, 2008. [Agencies]

"They didn't do very well, not well at all," Holyfield, a bronze medallist at the Los Angeles Olympics in 1984, said. "We've got to tighten up the amateur program so that in four years we do a whole lot better.

"The problem is that these days it's all about money. When it's all about money this happens. The guys are just thinking about money. There's a kind of manipulation where the kids are being told 'go and turn pro, gold medals aren't important'.

"(The managers) don't want the guys winning golds because then they have to pay them more."

Holyfield racked up more than 150 wins as an amateur before turning professional in 1984 and believes that grounding enabled him to join the list of American boxing greats such as Oscar De La Hoya, Muhammad Ali and George Foreman, all of whom won Olympic gold medals.

"Back in the day, amateur boxing was on TV every weekend in the States," Holyfield said. "It inspired you to box.

"When you have a good amateur program it helps develop well-rounded boxers. Look at the pro game now. Why do the championships change hands so quickly? It's because these guys don't know how to fight different styles."