George Foreman leaves behind an enormous legacy in the ring and outside of it following the death of the heavyweight boxing legend aged 76.
‘Big George’ reigned as world champion twice during a storied career at the top – once as America’s most feared young fighter and then again as the oldest champion in history 21 years apart.
The hard-hitting heavyweight was outclassed by Muhammad Ali in 1974, losing his first world title and retiring from the sport three years later.
In need of money after almost becoming homeless, he returned to the sport a decade later and would soon mount another title charge, making history in 1994 when he beat Michael Moorer.
Foreman’s decision to return to boxing was largely a financial one. But it was a venture away from the sport that saw him earn a fortune that would dwarf the earnings he collected in the ring by endorsing the George Foreman Grill.
What was George Foreman’s net worth?
Foreman’s net worth stands at around $300million with the majority of that wealth coming from his work with the Foreman Grill which launched in 1994.
Foreman was the face of the product that went onto sell over 100 million units with his natural charm and charisma helping it become a house hold item.
Prior to that deal, Foreman’s biggest payday in boxing was the $5million he banked for fighting Ali at Rumble In the Jungle in 1974.
Both men were paid up by Mobutu Sese Seko, the despotic dictator who had seized power of Zaire where the historic fight was held.
How much did George Foreman make from the grill?
Foreman was selected to be the face of the double-sided grill which was invented by Michael Boehm. At its peak, Foreman was earning $4.5million a month from the endorsement, banking 40 per cent of the profits on each grill sold.
That was until Salton Inc paid him $138million in 1999 to acquire rights to use his name. Foreman continued to promote the product after that.
While Foreman has never disclosed the exact amount he earned from endorsing the grill, it is estimated he made over $200m over the years from the deal.
How did George Foreman go from boxing to grill endorsement?
The George Foreman Grill was officially launched in 1994, the same year the heavyweight recaptured the world title at the age of 45.
The partnership was a huge success, helped by Foreman’s affability and enthusiasm having providing the tagline ‘It’s so good I put my name on it!’
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Foreman would fight on for three more years, retiring after defeat to Shannon Briggs. By that point, people unfamiliar with his boxing legacy now knew exactly who he was.
Foreman’s new life as an entrepreneur netted huge profits and introduced the world to a side of the man seldom seen during his destructive rise in boxing.
‘They’re calling me day and night. I was selling myself so successfully that they said, “Let him sell our stuff,’” Foreman told Forbes in 2019.
‘These people came to me and said they wanted to go in on a joint venture with me for the grill. I didn’t have any idea it would sell. Next thing you know, I had sold 500. Then 5,000. Then we sold 5 million of those things. If I told you that I could see that coming, I’d be lying.’
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