George Foreman was one of the most influential boxers of all time – yet he is arguably better known for a very different reason. Foreman has passed away aged 76, his family announced, leaving behind an impressive legacy in the boxing ring and the world of business which is estimated to have earned him $300million (£232m).
“Our hearts are broken,” his family said in a statement. “With profound sorrow, we announce the passing of our beloved George Edward Foreman Sr. who peacefully departed on March 21, 2025 surrounded by loved ones. A devout preacher, a devoted husband, a loving father, and a proud grand and great grandfather, he lived a life marked by unwavering faith, humility, and purpose.”
Big George’s initial forays into business were far from successful and he nearly lost his entire $5m wealth accrued from boxing on bad investments. But after coming out of retirement in 1987 and eventually beating Michael Moorer to become the oldest heavyweight champion in history in 1994, his life would change forever.
The American’s remarkable comeback story hadn’t gone unnoticed among advertisers who sensed an opportunity and the George Foreman Grill was born. “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.”
Foreman received around 40 per cent of the profits from the grill which bore his name – and it was to prove a good deal for all involved. He received a $1m check in 1997 and a year later the company sold $200m worth of the product.
Sales skyrocketed as the grill was marketed all around the world and Foreman once boasted that he made $8m per month off the royalties. In total, it’s been reported that he earned around $138m from the grill deal and when the company was sold in 1999, he walked away with $137.5m in cash and stock.
But he didn’t stop there, as the name of his autobiography ‘Knockout Entrepreneur’ would suggest. A devout Christian and a preacher, he used his strength of personality to become a salesperson in retirement from boxing, having been inspired by a speech he heard from cosmetics company owner Mary Kay Ash in 1984.
“My father told me when I was young that if you learn to sell, you will never starve,” she had said. “That hit me hard,” Foreman told Forbes. “Since that time, I like to think of myself as a salesperson.”
Foreman moved into cleaning products, clothing lines, personal care products, and became a spokesperson for all sorts of brands, filming adverts for Pepsi, Doritos and McDonald’s.
UKMirror
