George Foreman is one of the biggest names in the history of sports and he is one of the few athletes who had a seemingly smooth transition into the business world after years of success as a an athlete. Today, George Foreman is well celebrated not just because of his achievements as a former heavy weight boxing champion but also as a a successful businessman and brand ambassador. This reflects in his current net worth. Goerge Foreman was able to manage his earnings very well as a boxer and this way he did not run into any major financial trouble after his boxing career. Although he almost ran into trouble after he made some bad investments.
I lost all my money, and when you lose your money, you think you’re done. I was only fractions, fractions away from being homeless,” he recalled in David Heenan’s book Leaving on Top: Graceful Exits for Leaders.
In this post, we will share what George Foreman’s current net worth is as well as his other engagements in the business environment. You will also get to know his background, career success as well as his relationship status.
George Foreman net worth
George Foreman has a net worth of $300 million. He is a retired American boxer and highly accomplished entrepreneur. As a two-time World Heavyweight Boxing Champion, Olympic Gold Medalist, multimillionaire entrepreneur, and born-again Christian minister, Foreman’s journey is a remarkable tale of success and resilience.
Although Foreman earned his champion-worthy net worth, surprisingly, the majority of his wealth did not come from his illustrious boxing career. Despite amassing an impressive record of 76 wins out of 81 fights after turning professional in 1969, by the 1980s, Foreman’s net worth was relatively modest, standing at $5 million at the pinnacle of his boxing success.
Fortunately, his financial fortunes took a significant turn with the immense popularity of a grill that now bears his name. Thanks to the success of the George Foreman Grill, he has become a very wealthy man today. There has been a longstanding argument as regards what made George Foreman popular: boxing or the grill?
George Foreman Grill?
Did you know that George Foreman attributed his success upon returning from retirement in the 90s to adopting a healthier lifestyle and focusing on nutrition? In 1994, Salton, Inc. approached him to be the spokesperson for its fat-reducing grill. Foreman accepted the offer, and by 2009, the Grill had surpassed 100 million units in sales. Although Foreman has never disclosed his total earnings from the endorsement, it is known that Salton paid him $138 million in 1999 for the right to use his name. Prior to that deal, he received 40 percent of the profits from each grill sold, reaching a peak monthly payout of $8 million.
The estimated total income from the grill is over $200 million, surpassing his earnings as a boxer. In addition to his business ventures, Foreman is a partner in the Panther Racing Indy Car team, an author of 10 books, and occasionally appears on TV (as a guest on The 700 Club and a judge on The American Inventor, The Masked Singer) and in films (making a cameo in Night at the Museum: Battle of the Smithsonian).
George Foreman narrated how he got into the grill business: “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.”
The inception of the renowned George Foreman Grill can be traced back to the proceeds he garnered from the lucrative deal. Launched in 1994, this innovative kitchen appliance swiftly captivated the market as a purportedly healthier alternative to traditional grilling techniques. Endorsed by the iconic sports figure himself, the grill achieved unparalleled success, swiftly becoming a bestseller. By 2009, its global sales had surpassed the remarkable milestone of 100 million units.
Reflecting on his journey, Foreman recalled, “When I returned to boxing, I had to pitch the idea of a middle-aged man becoming the heavyweight champion of the world. No one was buying it. But I persevered in promoting it.” By 2014, he revealed that he was earning up to $8 million monthly from his stake in the grill’s profits.
Yet, this accomplishment marked just the commencement of Foreman’s entrepreneurial ventures. Diversifying his portfolio, he ventured into the realms of cleaning products, clothing, and personal care items. Simultaneously, he assumed the role of a spokesperson for various brands, such as Meineke, KFC, and Nike.
Other Ventures
Beyond his business pursuits, George Foreman has successfully delved into the realms of literature and television. Notable works include his autobiography, “By George,” and the cookbook, “George Foreman’s Indoor Grilling Made Easy.” His television appearances extend to hosting his reality show, “Family Foreman.”
Although retired from boxing, Foreman remains an active presence in the business world and public eye. Engaging in continued appearances and endorsements, he also dedicates himself to philanthropy. Supporting numerous charitable causes, including the George Foreman Youth and Community Center in Houston, Texas, he contributes to programs and services for at-risk youth.
Background
Born on January 10, 1949, in Marshall, Texas, George Foreman spent his formative years in Houston alongside six siblings. Raised by J.D. Foreman, his biological father was Leroy Moorehead, as revealed in his autobiography. Describing his youth as troubled, Foreman dropped out of school at fifteen and resorted to a life of crime, engaging in mugging. At the age of sixteen, he made a pivotal decision to turn his life around, convincing his mother to enroll him in Job Corps. Through this program, he obtained his GED, undergoing training as a carpenter and bricklayer.
Foreman’s journey into boxing commenced after relocating to Pleasanton, California. The name George Foreman carries different connotations across generations. Some may recall the 24-year-old Texan who secured a TKO against the undefeated Smokin’ Joe Frazier in 1973. Others may remember the same fighter whose first defeat came at the hands of Muhammad Ali in the 1974 Rumble in the Jungle, a historic bout in Zaire documented in the Oscar-winning film “When We Were Kings.”
For younger generations, George Foreman is likely recognized as the amiable figure on TV, known for endorsing Meineke mufflers and the George Foreman Lean Mean Fat Reducing Grilling Machine.
Career
Foreman embarked on his boxing journey with a triumphant start, clinching a gold medal in the boxing/heavyweight division at the 1968 Mexico City Olympic Games. His victory against the 29-year-old veteran Jonas Cepulis, who boasted a 12-year career, showcased Foreman’s prowess. Carrying the US flag around the ring and bowing to the crowd, Foreman expressed that winning the gold medal was the pinnacle of pride in his entire career.
Transitioning to the professional arena in 1969, Foreman dominated with 13 victories, 11 of them ending in total knockouts. The following year, he continued his winning streak, securing all 12 bouts, and in 1971, he added seven more knockout victories. The undefeated run persisted until 1974 when he faced formidable opponents like Ken Norton and Muhammad Ali. The highly anticipated match against Ali, labeled Rumble in the Jungle, took place in Zaire, where Ali triumphed and became the first to knock Foreman down. Following a devastating loss to Jimmy Young in 1977, Foreman retired.
Despite amassing a considerable fortune from his historic matches, Foreman found himself on the brink of financial ruin by 1987 due to poor investments and an extravagant lifestyle. In a recent interview, he revealed the fear of potential homelessness, stating, “It was that scary because you hear about people being homeless, and I was only fractions away from being homeless.” Foreman staged a comeback in boxing, reclaiming success into the late 1990s while simultaneously serving as a boxing commentator for HBO.
Officially retiring for good in 1997 at the age of 48, Foreman concluded his career with a remarkable record of 76 wins (68 knockouts) and only five losses. Inducted into both the World Boxing Hall of Fame and International Boxing Hall of Fame, he holds the sixth position among the greatest heavyweights in history.
Personal Life
George Foreman, married to Mary Joan Martelly since 1985, has had four previous marriages. He has twelve children, including five sons (George Jr., George III, George IV, George V, and George VI) and seven daughters (Natalia, Leola, Freeda, Michi, Georgetta, Isabella, and Courtney). Foreman named all his sons George Edward Foreman to emphasize their shared identity and mutual support.
George III pursued a career in boxing and entrepreneurship, while George IV appeared on the reality TV series American Grit. Freeda, one of Foreman’s daughters, had a successful boxing career before retiring in 2001 and tragically passing away in 2019 at the age of 42. Foreman adopted Isabella in 2009 and Courtney in 2012. Isabella currently resides in Sweden, where she blogs under the name Bella Neutella. In 2013, Foreman received the James V. Day “Good Guy” Award from the American Legion in recognition of his patriotism and community service.
Social Media
George Foreman is on X and Instagram with a combined followership of over 400,000 on both platforms.
Renowned as a former professional boxer, George Foreman gained fame by securing a gold medal at the 1968 Olympics. Not only celebrated for his formidable boxing career and heavyweight championship, Foreman also found success in the business world with the George Foreman Grill. His life extends beyond the ring, marked by multiple marriages, twelve children, and ventures into entrepreneurship and television. Foreman is acknowledged for his notable contributions to both the realms of sports and business.
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