George Foreman, nicknamed ‘Big George’, is a former American professional boxer. He is a two time World Heavyweight Champion and an Olympic gold medalist.
He is the oldest boxer to win the World Heavyweight Championship, which he won after a retirement extending to 10 years.
Foreman’s career was marked by his awe-inspiring return to boxing after retirement. He credited this to his healthy eating and lifestyle. This made him an icon in the fitness industry. He sold his name to Salton Inc. (now Spectrum Brands) to be used for its fat-reducing grill.
In 1999, Foreman signed an endorsement deal with Salton for roughly $137.5 million over five years. Salton, Inc., was at the time looking for a spokesperson for its fat-reducing grill. It is also said that Foreman had some influence designing the very same fat-reducing grill.
He was, in addition of being paid for the use of his name ($137.5 million), paid about 40% of the profits on each grill sold (earning him $4.5 million a month in payouts at its peak). All in all, it is estimated that the Spectrum Brands deal earned him around $200 million.
In 2013, Foreman launched Foreman Boys Promotions, a boxing promotion business. He also owns the online meat company, George Foreman’s Butcher Shop, which sells all-natural beef from family farms.
He is a partner on the Panther Racing Indycar team. He has also written five books and still appears on television and in films. This consistent and continuous expansion of his business empire contributed majorly to his wealth.
George Foreman Endorsements
Foreman started off by becoming the spokesperson of Russell Hobbs Inc., a manufacturer of home appliances.
He has been the brand ambassador of several multinational brands including McDonald’s, Nike, Doritos, KFC and Meineke. In addition to this, he has launched a line of environmentally safe cleaning products, a line of personal care products, a health shake, a prescription shoe for diabetics and a restaurant franchise.
George Foreman Net Worth 2017
He is the only boxer to have amassed more wealth from his activities out of the ring than his in-ring bouts. He is also 2nd on the list of ‘The Richest Boxers of all Time’.
This is remarkable since he was almost bankrupt in the early stages of his career, after losing $5 million of his winnings in bad investments. His present net worth is $300 million.