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

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

"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 programme so that in four years we do a whole lot better.

"The problem is that these days it's all about money.

"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'."

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. "Amateur boxing is harder than pro, you have to fight everybody in your draw.

Without a good amateur grounding, it's the same as missing elementary and middle school and high school.

"It's your education as a boxer."