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One of the most successful boxers in history made millions, went broke, and then ended up with hundreds of millions of dollars.
This is the story of one of the best endorsement deals in sports history.
Time for a thread
This is the story of one of the best endorsement deals in sports history.
Time for a thread
1) George Foreman, born in 1949, grew up Marshall, Texas.
By the age of 15, Foreman had dropped out of school to help support his family.
When Foreman wasn't working, you could find him at the gym training to become a boxer.
By the age of 15, Foreman had dropped out of school to help support his family.
When Foreman wasn't working, you could find him at the gym training to become a boxer.
2) At the age of 19, George Foreman was chosen to represent the United States at the 1968 Olympic Games in Mexico City.
Foreman won gold, defeating Jonas ÄŚepulis of the Soviet Union.
To this day, Foreman states this is his greatest athletic achievement.
Foreman won gold, defeating Jonas ÄŚepulis of the Soviet Union.
To this day, Foreman states this is his greatest athletic achievement.
3) Following the Olympics, George Foreman turned professional in 1969.
Foreman's professional career started with a 3rd round KO of Dan Waldhelm at Madison Square Garden.
A heavyweight boxer with a slugger mentality, Foreman would go on to win his next 32 fights, with 29 by KO.
Foreman's professional career started with a 3rd round KO of Dan Waldhelm at Madison Square Garden.
A heavyweight boxer with a slugger mentality, Foreman would go on to win his next 32 fights, with 29 by KO.
4) After starting his professional career 32-0, George Foreman got his first heavyweight title shot in 1972.
Foreman's opponent?
The undefeated Smokin Joe Frazier.
Foreman dominated Frazier, knocking him down 6 times in the first 2 rounds - winning by TKO later in the 2nd.
Foreman's opponent?
The undefeated Smokin Joe Frazier.
Foreman dominated Frazier, knocking him down 6 times in the first 2 rounds - winning by TKO later in the 2nd.
5) After starting his career 40-0, George Foreman defended his heavyweight title against Muhammed Ali.
The fight was marketed as the "Rumble In The Jungle", as it took place in Zaire.
Considered to be one of the greatest sporting events ever, Ali won in a brutal 8 round fight.
The fight was marketed as the "Rumble In The Jungle", as it took place in Zaire.
Considered to be one of the greatest sporting events ever, Ali won in a brutal 8 round fight.
6) By 1977, George Foreman had set aside $5M for retirement.
The issue?
Through a series of bad investments and an extravagant lifestyle, Foreman was broke 10 years into retirement.
"I was only fractions, fractions from being homeless.”
The issue?
Through a series of bad investments and an extravagant lifestyle, Foreman was broke 10 years into retirement.
"I was only fractions, fractions from being homeless.”
7) With money running low, George Foreman decided to re-enter the ring after 10 years of retirement.
From 1987 to 1994, Foreman staged an impressive comeback - culminating with an improbable heavyweight title win over Michael Morrison in 1994.
Foreman finished his career 76-5.
From 1987 to 1994, Foreman staged an impressive comeback - culminating with an improbable heavyweight title win over Michael Morrison in 1994.
Foreman finished his career 76-5.
8) In the mid-90's, attorney Sam Perlmutter showed George Foreman an electric grill as a potential business opportunity.
Hesitant at first, Foreman finally gained interest after his wife made him a hamburger on it.
"The grease, everything went away and the meat was delicious.”
Hesitant at first, Foreman finally gained interest after his wife made him a hamburger on it.
"The grease, everything went away and the meat was delicious.”
9) After trying the grill, George Foreman called his partners back and said, 'I'm going to do that deal.'
Although there were no upfront guarantees, Foreman would get 45% of profits.
By 1998 sales had exploded - Foreman was receiving monthly royalty checks of $8M.
Although there were no upfront guarantees, Foreman would get 45% of profits.
By 1998 sales had exploded - Foreman was receiving monthly royalty checks of $8M.
10) After a continued surge in sales, George Foreman was offered a lump sum buy-out for the continued use of his image and likeness.
The price?
$138M.
In total, it's estimated Foreman made more than $250M on the deal.
The price?
$138M.
In total, it's estimated Foreman made more than $250M on the deal.
11) Regardless of what life throws at you, you’re only one deal away from hundreds of millions of dollars.
Bet on yourself.
And never forget, winners win.
Bet on yourself.
And never forget, winners win.
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