30 years ago, Hulk Hogan backed a meatball maker instead of an innovative new grill. It was a $200 million mistake

Thirty years ago Hulk Hogan‘s agent came to him with a big opportunity. After a series of failed ventures, like a restaurant in Florida called “Pastamania,” Hulk’s agent thought it would be a good idea to just put his name on a physical product that he could endorse. Hulk was intrigued.

The agent presented Hulk with two products to choose from. The first product was an innovative new folding grill. The second product was a meatball maker.

Hulk chose the meatball maker. That would turn out to be one of the worst business decisions ever…

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The Rise of Hulkamania

Hulk Hogan’s rise to wrestling stardom began in the late ’70s when he began competing in various regional promotions. His big break came in 1979 when he caught the attention of Vincent McMahon Sr. and joined the World Wrestling Federation (WWF, now WWE).

Hogan’s popularity exploded in the early ’80s, fueled by his charismatic personality, impressive physique and signature moves like the leg drop. His catchphrases, including “Whatcha gonna do, brother?” and “Say your prayers and eat your vitamins,” became cultural touchstones.

The height of “Hulkamania” occurred in the mid-1980s. Hogan’s victory over The Iron Sheik for the WWF World Heavyweight Championship in 1984 catapulted him to superstardom. His appearance in Rocky III and the animated series further enhanced his mainstream appeal.

The pinnacle of Hulkamania was undoubtedly WrestleMania III in 1987, where Hogan defeated Andre the Giant in front of a record crowd of 93,173 fans. The event cemented Hogan’s status as a wrestling star and pop culture icon.

At his peak, Hogan transcended wrestling, appearing in films, television shows and commercials. He became a household name, inspiring millions of “Hulkamaniacs” worldwide and helping transform professional wrestling into a global entertainment phenomenon.

To diversify his empire

In the 90s, Hogan began to diversify his empire. While he continued to wrestle for New Japan, WCW, New World Order, WWF/E, and Total Nonstop Action, he also launched several business ventures. Unfortunately, not everything he worked on was successful. For example, his restaurant, Pastamania, went bankrupt after a year. It was around this time that Hulk’s agent approached him with the idea of ​​promoting a kitchen product.

Hulk spoke to his agent and was given three options for products he wanted to promote:

• A grill
• A meatball maker
• A blender

According to an interview Hulk gave in 2011, the conversation with his agent went exactly like this:

Intermediary: “You should get into these things, kitchen appliances, put your name on something.“

Hulk: “Well, what have you got?“

Intermediary:”Well I have this meatball maker, it mashes the meatballs when you flex your arm muscles and squeeze your fists together.“

Hulk: “That’s awesome, I want the Hulkamania Meatball Maker!“

Intermediary: “And what about the other thing? The Grill?“

Hulk: “Ah, give that to your other customer.“

(EMMANUEL DUNAND/AFP via Getty Images)

George Foreman was the agent’s other client.

George Foreman was technically retired from 1977 to 1987. He was forced out of retirement after blowing his boxing fortune. By the time these product endorsement conversations were happening, George was in the midst of an incredible career resurgence. In November of 1994, he recaptured the world heavyweight title AT THE AGE OF 45. He is the oldest person ever to win that title. His opponent, Michael Moorer, was 26 years old. Foreman’s knockout punch was so powerful that it snapped Moorer’s mouthguard in half.

George was known to eat two hamburgers before each of his matches. The boxing champion attributed his comeback to healthy eating habits, including draining all the fat from all the meat products he cooked.

For the makers of this newly proposed grill, Spectrum Brands (formerly known as Salton, Inc.), George Foreman proved to be the perfect spokesman. He agreed to let the company use his name and face to sell their fat-reducing grill. George also had some ideas about the design, which the company quickly implemented. The grill became known as the “George Foreman Lean Mean Fat Reduced Grill Machinebut you probably know it more simply as the…

George Foreman Grill

In 1995, the Spectrum Brands marketing team rolled out a friendly, folksy, slightly humorous advertising campaign featuring the boxer. Sales were actually slow at first. In 1996, only $5 million worth of grills were sold. By 1998, the grill was generating $200 million in annual sales. The George Foreman Grill would sell more than 100 million units worldwide.

Under the terms of his original agreement, George Foreman was paid 60% of the profit generated by his grills. At his peak he made $8 million per month in royalties! In 1999, the makers of the grill realized that it would probably be wise to forgo a 60% royalty deal and instead pay George a large lump sum. George was eventually paid $137.8 million in cash and stock for the right to use his name and likeness worldwide in perpetuity.

Between his first profit share and the $138 million takeover price, George Foreman personally invested more than $200 million off the grill.

(Photo by Rune Hellestad/Corbis via Getty Images)

What about the meatball maker?

For reasons lost to history, perhaps shame, the Hulk Hogan meatball maker never came to fruition. But Hulk never stopped trying to achieve Foreman-level product endorsements.

Hulk invested in and endorsed a line of microwaveable burgers and sandwiches sold at Walmart called the “Hulkster Burgers.” He partnered with the makers of the George Foreman Grill to create a blender called the “Hulk Hogan Thunder Mixer.” He tried his hand at energy drink production with “Hogan Energy.” He even tried his hand at his own grill, the “Hulk Hogan Ultimate Grill.” Seemingly cursed, all of the products he invested in and endorsed disappeared without much fanfare. However, you can still find his Thunder Mixer blenders on eBay for around $12:

Worst of all, in 2009, personal problems, a costly divorce, the financial crisis, financial mismanagement, and the failure of yet another product left Hulk within touching distance of the rest of the world. bankruptcyHe eventually recovered financially, especially after receiving a $31 million settlement for his successful defamation lawsuit against the website Gawker.

Meanwhile, George Foreman is living the good life with a net worth of $300 millionHulk, on the other hand, will have to make do with a $25 Million Net Worth.