Business & Economy
Foreman pumps up pitch power after Holyfield bout
Remembering the marketing genius of George Foreman
Editor’s note: This story first appeared on April 25, 1991.
George Foreman may have failed in his attempt to regain the heavyweight title, but he scored a knockout with the endorsement industry.
Those who place athletes and other celebrities in commercials say although Foreman lost his bout with Evander Holyfield last week, he’s become an athlete whom companies want to pitch their products.
“Of all the people who ever lost in sports, he’s got the most potential,” said Lesa Ukman, editor of Special Events Report in Chicago, which tracks sponsorships and sports marketing. “Usually when you lose, that’s it, but Foreman has just increased his endorsement potential. That’s really remarkable and unprecedented with losers.”
Talent industry officials say Foreman, 42, gave a boost to the older population by going the full 12 rounds with his 28-year-old opponent and showing that the underdog can achieve a symbolic victory.
“There are a lot of people now looking to athletes over 40 because consumers are getting older and they relate to this, and he managed to come back and not make a fool of himself,” said Ukman. “He was very respectable.”
Foreman became a household name in the boxing world after he won the gold medal at the 1968 Olympics in Mexico City. He turned professional in 1969 and became heavyweight champion four years later.
To Foreman, who lives in Houston, a Bible in the hand has become as natural as boxing gloves. He’s active preaching in the Houston community, especially to young people. He established the Church of Our Lord Jesus Christ, an independent Baptist church in north Houston, and built a nearby recreation center that became a haven for neighborhood youth.
The industry most talent representatives point to as a natural for Foreman is fast foods. Foreman has made no bones about his love for cheeseburgers, hamburgers and junk food.
Foreman’s representatives say the fighter hasn’t signed any contracts but has been approached by many firms.
“A fast-food company, a soft-drink company and car company,” said Sean McManus, senior vice president at International Management Group in New York, which is fielding endorsement overtures for Foreman. He declined to identify the companies. “We think there’s going to be a tremendous draw, once he decides to accept endorsements,” McManus said. Whoever comes to Foreman for endorsements will find him picky. The boxer will accept an endorsement only on the condition that most of the proceeds go to charities he designates and that the company have some community service connection, said Foreman’s representatives. “George Foreman is not interested in endorsement money he’s going to pick up,” said Bob Arum of Top Rank Inc. in Las Vegas, Foreman’s promoter. “If they want George Foreman to endorse their product, they’ve got to have a good product and they’ve got to be good people who want to do things for the community. If not, it’s a pass.”
If Foreman endorses a car and consumers buy it, a fund could be established to benefit youth centers in the country, Arum said.
“The fee that goes to him is relatively unimportant,” he said.
But that doesn’t mean Foreman will come cheap, promoters said.
Before the match with Holyfield, Foreman would have picked up $25,000 to $35,000 to shoot a commercial that would run for a year, said David Burns, president of Burns Sports Celebrity Service in Chicago. That price has jumped to $75,000 to $100,000. Foreman could not be reached for comment.
“The media has portrayed him in a very positive way,” Burns said. “Foreman was a fatherly type who was predicted to lose, and though he lost, he lost in a very winning way.”
Foreman could carve out a place for himself among athletes such as baseball stars Mickey Mantle and Joe DiMaggio, who continue to endorse products long after they’ve retired, said Arthur Kaminsky, president of Athletes and Artists, New York entertainment representatives.
“What Foreman has done is unveil a new personality that none of us saw - what was surly and fairly introverted has become charming, witty, extroverted and a lot of fun,” he said.
Postscript: George Foreman has become one of the nation’s highest-paid sports celebrity endorsers, promoting mufflers, water sealants, fast food, snack chips and athletic footwear. But he is best known for the George Foreman Grill, an indoor cooker made by Salton that had lackluster sales before Foreman became its pitchman in 1995. Initially Foreman received royalties on each sale, but sales were so strong that in 1999, Salton bought out Foreman for $137.5 million. The website Celebrity Net Worth pegs Foreman’s net worth at $300 million.