Salton Inc., a maker of houseware -- including "George Foreman Grills," "Big George Rotisserie" and a full line of George Foreman cookware -- has renegotiated their endorsement contract with the ex-boxer to give him an astounding $137.5million in cash and stock for worldwide rights to use the former heavyweight boxing champion's name and image to sell food-preparation products, including indoor and outdoor grills. Foreman will receive shares of Salton stock worth $23.5million and five annual cash payments of $22.75 million. Financial experts said the deal is one of the largest endorsement contracts ever.

Salton Inc. has experienced rapid corporate growth since developing the The George Foreman Outdoor Grill will debut this spring. The Foreman products are among Salton's best selling items. Since the announcement, the company's shares have jumped 4% to $33. Sales of Foreman products represent 38% of Salton's $500 million sales.

Before this new deal, the firm had been paying George Foreman and his two partners 60% of the profits from the sale of Foreman appliances. 

Former returned to the ring in 1987, after his 10-year boxing hiatus and confounded most naysayers (including me) and boxed in 34 fights, even winning a heavyweight title victory, Foreman has since retired and pursued a second career in product endorsements. Many have seen Mr. Foreman promoting such products as Doritos Chips and Meineke Mufflers as well as the Salton products such as the "Lean Mean Fat-Reducing Grilling Machine."

Foreman underwent a religious epiphany in 1977. He is now a Christian preacher in his home state of Texas. With the all too frequent news reports of athlete transgressions, that fact does not hurt Foreman's endorseability.