A recently resurfaced clip of former heavyweight boxer George Foreman sheds light on the shocking reason the legendary boxer returned to the ring in the late 1980s — he was “broke.”
The two-time world heavyweight champion shared his story on the “I Am Athlete” podcast in 2023, co-hosted by former football players Brandon Marshall and DeSean Jackson. Foreman admitted he was forced out of retirement because he needed to support his family, a reality few expected from a boxer of his stature.
Making Money, Losing Money
Foreman is one of three iconic Black heavyweight boxers who rose to fame in the 1960s and 1970s, alongside Muhammad Ali and Joe Frazier. All three men held world heavyweight titles and Olympic gold medals, but Foreman took a unique path after boxing, becoming a successful businessman with a net worth currently estimated at $300 million.
His most well-known venture is the George Foreman Grill, a household name in personal countertop appliances. However, before his business success, Foreman faced some of the darkest moments of his life.
Born in Houston’s impoverished Fifth Ward in the late 1940s, Foreman earned roughly $30 million during his boxing career, but financial mismanagement left him with almost nothing.
Reflecting on his boxing career during the podcast, he said, “Well for me, boxing didn’t give me a life. It took my life. I actually died in a dressing room from a boxing match. For ten years, I didn’t even make a fist anymore. I didn’t run. I didn’t exercise. I gave it all up.”
His words stunned the hosts, revealing the toll that boxing had taken on him.
However, things took a drastic turn when Foreman found himself broke, despite years of fame and success in the ring.
“Never wanted to see a boxing ring again but a profound event occurred in my life: I got broke. I had to go back into boxing to take care of my family,” Foreman explained.
The weight of providing for his growing family and maintaining a youth community center, according to his website, pushed him to make an unexpected comeback.
“I had to box, and the second time after 10 years, I had to go back into the ring,” he said, admitting, “I didn’t like it.”
Marshall was shocked, and like many, wondered if new tax laws were to blame for Foreman’s financial downturn. However, Foreman clarified that it wasn’t taxes that did him in— it was misplaced trust in financial managers.
“I had people I trusted to a fault,” he said. “You trust right, they really stole my money. They wasted it and burned it out. Because I had so much trust, I didn’t even examine them to see what was going on. I lost everything.”
When VS Gent shared the clip on Instagram, fans and followers were quick to react, with one commenter expressing, “Nobody should know more about your business than you.”
Another fan appreciated Foreman’s commitment to his family, writing, “George Foreman did it for George Foreman I – V,” a nod to the fact that many of Foreman’s sons share his name.
A third comment, outraged by the betrayal, wrote, “Those same people should be in jail or… yup.”
Foreman’s story of financial mismanagement echoes those of other famous figures like Terrell Davis and Al Pacino.
Davis, a former NFL star, also suffered significant losses due to blind trust in his financial advisors. He later admitted that his spending and lack of oversight led to millions being mishandled.
Similarly, the “Scarface” actor found himself taking on roles and speaking engagements he didn’t want after his financial adviser — whom he described as an “arrogant crook”—mismanaged his funds. At one point, he said he was spending $400K taking care of people that he didn’t even know.
Despite his distaste for returning to the ring, Foreman’s second boxing career was nothing short of impressive.
After a ten-year hiatus, he returned in 1987 at the age of 39 and went on to win 24 consecutive fights, 22 of them by knockout. His comeback culminated in a 1994 title match against Michael Moorer, whom he knocked out in the 10th round to capture the WBA and IBF belts at age 45, making him the oldest heavyweight champion in history.
Foreman’s story is not just one of athletic achievement, but also one of resilience, determination, and a willingness to fight both inside and outside the ring for what matters most — his family and his legacy.