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How Did George Foreman Lose His Money?

George Foreman

George Foreman’s Career and Finances

During his successful boxing career, George Foreman earned around $5 million. However, by 1987, he had lost almost all of this money. Recently, he revealed that his financial situation was so bad that he was on the verge of bankruptcy. He blames his bad arithmetic and spending habits for his lack of financial stability.

Despite his financial troubles, Foreman was able to come out of his bankruptcy and revive his career as a boxer. He earned multi-million-dollar purses boxing and then reinvented himself as a soft-spoken entrepreneur peddling one of the most popular hamburger grills in history.

As for his personal life, the entrepreneur has been married five times and has twelve children. His sons have been named after his father and he adopted his daughters after their births. His daughters have been given middle names, as Freeda, Natalia, Leola, Michi, and Courtney. His daughter Freeda passed away in an apparent suicide in 2019.

In 1999, Foreman was slated to earn $10 million from his fight against Holmes. However, his plans were ruined by the fact that promoter Roger Leavitt did not have the financial backing for the fight. This resulted in a payout of $1 million. Despite the loss, Foreman still earns hundreds of millions from his business. He credits his success to his healthy diet.

In the years following the Zaire fight, Foreman returned to boxing. In his second heavyweight bout with Matt Moorer, he became the WBA and IBF champion. Foreman wore the same red trunks he had worn in his Ali fight.

During his amateur boxing career, Foreman showed off his skills and became a gold medalist in the Olympic Games. He eventually retired from boxing and became an ordained Christian minister. However, his financial difficulties led him to the brink of bankruptcy a decade later.

George Foreman

However, he returned to the ring in 1994 and ended up with an impressive 76-5 record with 68 knockouts. Despite losing money in boxing, Foreman remains the world’s oldest heavyweight champion.

The next big fight Foreman fought was with Muhammad Ali. He was the heavyweight champion with a forty-four-year record and 37 knockouts. The fight was billed as a “Rumble in the Jungle” and was financed by the dictator of Zaire.

In 1969, Foreman won 13 fights, with 11 knockouts. He won twelve fights in 1970 and seven in 1971. However, he fought Ali in Zaire. After that, he retired and became a famous TV personality. Today, Foreman is famous for his boxing shows and commercials.

Source: www.ghnewslive.com

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