[2] In early 1995, Foreman began negotiations to make the first defense of his newly won WBA and IBF titles against German mid-level prospect Axel Schulz.

In 2000, citing extortion; boxing promoter Bob Arum voluntarily testified to having paid IBF president Bobby Lee $100,000 in two installments in 1995, as the first half of a $200,000 bribe, through "middleman, Stanley Hoffman," adding that Lee had first demanded $500,000 to sanction the Schulz-Foreman fight, but had settled for the lesser amount of $200,000 (half of which was never paid).

[5] Arum was sanctioned and fined $125,000 by the Nevada State Athletic Commission[6] The New York Times reported that Foreman earned about $12 million and Schulz earned $1 million, and that "Foreman's celebrity status persuaded HBO to pay more for this fight than for any other event in the cable network's history."

The younger Schulz used his speed to his advantage and spent a majority of the fight circling Foreman while effectively peppering the champion with right hands throughout.

By the time the 12th round ended, Foreman's left eye had swelled completely shut due in part to Schulz' hard right hands.