How George Foreman Achieved A Quarter-Billion Dollar Payday With an Unlikely Invention.
Depending on your generation, George Foreman may bring up different memories. For some, he's remembered as one of the greatest boxers in history, famous for becoming the Undisputed Heavyweight Champion after a shocking win against the undefeated Smokin' Joe Frazier in 1973. His victory, with the iconic call "Down goes Frazier! Down goes Frazier! Down goes Frazier!" cemented his place in boxing lore.
However, if you’re younger, you may know George Foreman best as the beloved TV pitchman who revolutionized home cooking with the iconic George Foreman Grill. And while Foreman’s boxing career is legendary, it’s his unlikely success as a TV personality and businessman that may define his legacy in the years to come. George didn’t just knock out opponents in the ring—he knocked out a quarter-billion-dollar payday by embracing an invention that would forever change the way people grilled their food.
Early Life and Boxing Career
George Foreman was born on January 10, 1949, in Marshall, Texas, and grew up in challenging circumstances. At the age of 15, he dropped out of high school to help support his family. Despite these early struggles, George pursued boxing. By 19, he was representing the United States at the 1968 Olympic Games in Mexico City, where he took home the gold medal.
With a strong amateur record of 22 wins and 4 losses, Foreman turned professional in 1969. His rapid rise in the boxing world was marked by a dominant 32-0 streak, including 29 knockouts. This led to his famous showdown with Joe Frazier. In the 1973 "Sunshine Showdown," Foreman floored Frazier six times in the first two rounds, ultimately winning the fight and securing the heavyweight championship.
However, in 1974, Foreman lost his undefeated streak and title to Muhammad Ali in what became known as the “Rumble in the Jungle.” Ali's strategic "rope-a-dope" tactic took the wind out of Foreman’s sails, and he was knocked out in the eighth round of a brutal fight that would go down as one of the greatest sporting events of the 20th century.
The First Retirement and Going Broke
After racking up about $5 million from his boxing career (equivalent to roughly $20 million today), George Foreman retired from boxing in 1977. Unfortunately, due to poor investments and an extravagant lifestyle, by 1987, Foreman had lost almost all of his fortune and was, as he puts it, "only fractions from being homeless."
Out of necessity, George came out of retirement in 1987, desperate for money. His return to the ring proved successful, with Foreman regaining the heavyweight championship title in 1994 at the age of 45, becoming the oldest heavyweight champion in boxing history. This comeback added to his legendary status, but George’s story was just getting started.
RELATED: Who Will Inherit George Foreman’s Money?
The Grill Deal of a Lifetime
By 1994, George Foreman was back on top, but someone else was also enjoying great success: Hulk Hogan. George and Hulk had the same business manager, and in early 1994, Hulk was given three products to endorse: a grill, a meatball maker, and a blender. Hogan passed on the grill, opting instead for the ill-fated "Hulkamania Meatball Maker."
Hulk’s decision opened the door for George to endorse the grill. Known for his healthy eating habits and love for hamburgers before his fights, George became the perfect spokesperson for a fat-reducing grilling machine. The product, officially called the George Foreman Lean Mean Fat-Reducing Grilling Machine, quickly became a household name.
Through a friendly, humorous ad campaign, George’s appeal skyrocketed. He was paid 40% of the profits from each grill sold, and over time, the George Foreman Grill became a smash hit, selling more than 100 million units worldwide.
In a 2014 interview with AARP, George was asked about his earnings from the grill. His response was revealing: “Estimates are that you earned in excess of $200 million on the grill. True?” The boxing legend smiled and replied, “Much more. There were months I was being paid $8 million per month.”
The $250 Million Payday
In 1999, the grill makers realized that it would be easier to simply pay George a lump sum for the rights to his name and likeness. So, they paid him a staggering $138 million upfront for perpetual rights to use his name. Between the lump sum and the ongoing royalties, George raked in at least $250 million from his association with the George Foreman Grill, a deal that transformed him into a business mogul.
RELATED: George Foreman's Net Worth In 2025: The Legacy Of A Legend.
A Legacy Beyond Boxing
While George Foreman will always be remembered for his legendary boxing career, his success in business has solidified his place in history as one of the most unlikely and successful entrepreneurs in the world. From his return to the ring after financial ruin to his multi-million-dollar payday from the grill, George’s story is one of perseverance, adaptability, and reinvention.
Today, the George Foreman Grill is a symbol of his business acumen and ability to capitalize on an opportunity, propelling him into a league of entrepreneurs that few can match. His enduring legacy is not just in the boxing ring, but in the lives of countless people who have enjoyed the convenience and health benefits of the George Foreman Grill for years.
