I am sure many youngsters who have heard The Story Of George Foreman dont know he was a professional boxer. George Edward Foreman who was nicknamed “big George” was a Professional and a two time heavy weight world champion as well as an Olympic Gold medalist.
Most people probably know him only as a TV personality who starred in hit reality show “Better Late Than Never”, alongside other celebrities like William Shatner and Terry Bradshaw.
Before he even started his acting career, George Foreman was already famous for a grill that was named after him
The grill were the sweetener of YV adverts and was a must have in College dorms. In fact, this grills are still popular today.
George Foreman made a boatload amount of money from the grill. The amazing fact is that he made this cash a few years after being broke and homeless. The story of George Foreman and how it happened
The first thing to note is that George Foreman had made up to 5 million dollars in his boxing career earnings from 1969 to 1977. That amount is the same thing as 20 million dollars after adjusting for inflation. Unfortunately, like most superstars without good financial advisers, they blow off this money. By 1987 ( just 10 years into retirement) George had spent all him money through extravagant and frivolous lifestyle making him flat broke.
So in 1987, George had no other option than to unretire from boxing because he needed money badly. He went ahead to stage quite an impreesive comeback in the 1990s. George then shocked the boxing world when he reclaimed the world heavyweights championship in 1994. He fought a total of 86 professional fights, winning 71( 68 KO).
In 1994, George Foreman’s manager told home about a new product looking for a celebrity endorser. The company behind it was Spectrum brands. They initially wanted Hulk Hogan to represent the brand, but he opterd to endorse a meatball marker instead (Bad choice Hogan)
Over the years, George Foreman had sold a whooping 100 Million units of the grills. And during the early years, George was paid 40% of the profit earned.
At the peak of the Grill bubble, George was earning $8million in Royalty check.
In 1999 Spectrum Brands realized it would be easier for them if they pay of their spokesman for pay huge sum. They bought his rights to use his name for their grill forever and in exchange paid him a staggering $138million. Between royalties and the buy-out, George earned at least $250 million from this sweet deal.
This is a pretty good step up for a guy who in his own word said he was a “fractions away from being homeless” .
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