Former world heavyweight champion George Foreman passed away last night at the age of 76, his family confirmed.

Foreman will be remembered as one of the greatest boxers of all time, and he retired from professional sports in 1997.

"Our hearts are broken. George was a great preacher, a devoted husband, a caring father, and a proud grandfather and great-grandfather. He lived a life filled with faith, humility, and purpose," the family said in a statement.

Foreman lost his first championship belt in his career in the ring in 1974 when he was defeated by Mohamed Ali however, two decades later he managed to return to the top.

How a 45-year-old managed to beat him Michael Moorer and thus became the oldest heavyweight champion.

In total, he managed to record 76 wins and only five losses in his career. After finishing his career, Foreman was also successful in business, making a lot of money by advertising electric grills and in 1999 alone he earned $137 million.